President Joe Biden and Democrats in Congress charged taxpayers $6 trillion for their liberal spending spree over the last two years. From the American Rescue Plan, which failed to rescue our economy, to the Inflation Reduction Act, which failed to reduce inflation, Democrats have fueled price…
Members of the House of Representatives walk down the steps of Capitol Hill in Washington, Friday, March 27, 2020, after passing a coronavirus rescue package. Acting with exceptional resolve in an extraordinary time, the House rushed President Donald Trump a $2.2 trillion rescue package Friday, tossing a life preserver to a U.S. economy and health care system left flailing by the coronavirus pandemic.
If we continue to exceed our federal credit limit, U.S. debt will become a far less attractive investment for our allies and a more intriguing investment for our enemies, who could wield our debt against us as a political and financial weapon. At some point, too, even our enemies may refuse to purchase U.S. debt for fear that we would fail to keep our financial promises when bond payments come due.
Additionally, we must faithfully adhere to the rules and regulations outlined in the Statutory Pay-As-You-Go Act of 2010, which explicitly requires any new spending that contributes to the national debt to be offset by spending cuts elsewhere. This is just common sense. Unfortunately, Democrats simply waive these requirements when it is politically expedient to their liberal spending agenda. Republicans will instead follow the letter of the law with regard to fiscal responsibility.
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