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Report of Congressman Smith Capitol
Indebted dems
September 24, 2021
When I decided to apply for the position of Republican Head of the Budget Committee, I did so because our country is in desperate need of getting its finances in order. Spending and deficits have exploded under both parties, but whenever there is a budget crisis, politicians in Washington do nothing to prevent these crises from happening again in the future. Today our country is spending so much more than we take that we have reached our legal debt limit, known as the debt ceiling, and we expect a default between mid-October and the end of October. end of October.
The debt ceiling debate is usually the most glaring example in our country of failure to control spending. Congress is required to set the overall level of debt our country is allowed to issue, and as we continue to increase spending and accumulate more debt, Congress is required to either balance our budget, so that we accept no new debt or raise the debt ceiling.
The best way for me to explain this process is that it is very similar to what happens when you have a credit card. A person can spend up to their credit limit, and then if they continue to spend, they must either get a credit increase or default. The only difference is that when our country hits its credit limit, we have programs on autopilot that keep spending money – so the country has to decide which payments it wants to prioritize.
In August 2019, when Democrats took control of the House, politicians from both parties voted to raise the debt ceiling and allow the issuance of new debt until July 31, 2021. Although I opposed from that increase and much of the spending that followed, there is no doubt that both Democrats AND Republicans supported spending above the previous debt limit.
But when the Democrats took control of the White House, Senate, and House, they started ramping up spending on our country. First, it was the Biden Bailout Bill, which was sold as a COVID package but spent only 9% of its funds on crashing the virus. Now it’s Bernie Sanders’ budget and Biden’s tax and spending frenzy that Democrats want to embrace. But it is so much spending that once again our country is at a crossroads.
And make no mistake: it’s entirely a problem caused by overspending. While incomes are expected to be at their highest level in American history this year and increased 36% since 2010, our country spent $ 6.5 trillion last year and has seen its spending increase by 47% since. 2010. And spending is expected to be even higher this year. . Democrats like to say tax cuts are the root of our deficits, but you can’t disprove the facts. The expenses are to blame.
In July, before the debt ceiling was breached, I led Republicans off the House Budget Committee by offering to work with Democrats to address our nation’s budget crisis. We have suggested common sense solutions such as setting spending ceilings and putting in place new tools for our country to balance budgets. These are the types of tools that families in Missouri use when their family budget is tight.
Not only did the Democrats not respond to our letter, they also increased their spending. What started as their plan to spend $ 3.5 trillion in completely new spending turned into a $ 4.3 billion spending bill. Now, as our country faces a debt crisis, Democrats are calling on Republicans to bail them out. And they’re not just asking for a little help – House Budget Committee Chairman John Yarmuth has said he’s asking for a “billion dollar” increase so that the debt ceiling is effectively cleared. Permanently.
It’s ridiculous. Republicans will not co-sign a loan application that will allow Democrats to push through their reckless agenda that harms working families, fuels inflation fires, and rewards political allies and donors. Democrats have the legislative tools to pass an increase in the debt limit without the support of Republicans. If Democrats want to increase spending to such an extent that it hurts our nation, then it is their party’s responsibility to do so.
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