Debt Negotiations (sort of) Continue
Washington, D.C., May 15, 2023
Tags: Spending Cuts and Debt
As of mid-day Monday, there’s still no meaningful progress to report on the looming debt ceiling deadline. Negotiations continue, but time is short before we hit the “X-date” next month where the government may not be able to pay all its bills on time.
The bottom line is this:
We’re at a critical point in this country with astronomical debt exceeding $31 trillion. It won’t be long before the interest on this debt exceeds our entire military budget. We cannot continue to run trillion-dollar deficits year after year!
Republicans in the House have already passed a package that makes some reasonable cuts in exchange for raising the debt ceiling. Unfortunately, Democrats continue to insist we just raise the nation’s borrowing limit, without any efforts to rein in out-of-control spending!
There are some who believe this amount of debt doesn’t yet represent a major threat to our country. I believe they’re either living in ignorance or denial.
One way or another, we MUST get our fiscal house in order. I simply will not vote for any financial package that does not include reasonable, incremental spending reductions to set us on a trajectory to balance the budget in a reasonable amount of time. This notion of a “clean” debt ceiling increase is completely unacceptable.
For my Democrat friends who believe we can simply tax our way out of this problem, that too is wrong. We have a spending problem, not a revenue problem. As such, we need to address our out-of-control spending first… before you guys try to raise taxes on the American people.