Congress Has Until June To Avoid Potential Economic Chaos
Most Americans have heard of the U.S. debt ceiling, but most of us have no idea what it means or how it influences our lives. Congress has until June to avoid economic chaos through its extra-large debt and have their recipients be paid.
Our current national debt stands at roughly $31.38 trillion, just slightly above the $31.34 trillion outstanding debt, according to a detailed opinion piece by Red Jahncke in the Wall Street Journal. The Treasury will soon be implementing “extraordinary measures” to ensure bondholders and Social Security recipients are paid through June.
Those positioned as the “responsible faction” arguing for the debt ceiling to be raised say it should be done so without any risk that the nation default on its debt, Jahncke argued. President Joe Biden’s administration is part of this faction.
A small group of 20 House Republicans announced their opposition to raising the ceiling, with one claiming that he was “unwilling to give Biden a blank check.” Jahncke points out that these House Republicans are branded as “irresponsible and worse.”
“But who’s really irresponsible? This small group of Republicans wants to reintroduce fiscal discipline on the Biden administration and congressional Democrats, who have been borrowing and spending like drunken sailors for two years. Since President Biden’s inauguration alone, the national debt has soared by nearly $3.7 trillion,” Jahncke writes.
So, what is the solution to our current financial crisis? Or, this aspect of our many, many financial issues as a nation right now? (LEARN MORE: China And The Origins Of COVID-19 Get Special Treatment By House Republicans In 2023)
“The House GOP should unite around these legislators and adopt a simple dollar-for-dollar approach, offering Democrats $1 of additional debt capacity for every $1 of domestic spending cuts today—not 10 years from now—leaving Democrats to designate what nonmilitary programs to cut. Should people wonder why defense should be exempt, they need only consider Ukraine today and the possibility of Taiwan tomorrow,” Jahncke argued.
We highly recommend you read the rest of Jahncke’s opinion piece (linked here again if you need it).
Economic Stewardship is one of the most important moral issues facing the U.S. We need our lawmakers to show restraint in their fiscal behaviors and ensure that our nation does not go bankrupt. Our government needs to be motivated to save money by cutting government waste, which starts with YOU.
Sign up to Change.MillionVoices.org and text “‘MV” to 80550 — you can use your voice today to ensure that your local lawmakers insist on Economic Stewardship during their time in office.