The U.S. Capitol can be seen in Washington on Thursday, December 24, 2020. (AP Photo / Jacquelyn Martin)
Yesterday the US House of Representatives made a short-term increase on the nation’s debt limit. That $ 480 billion increase ensures the federal government will pay its bills well into December. Without this approval, the government would have defaulted on the debt, which could decimate the economy. The measure was adopted by a party line of 219 to 206.
The US has never met its debt repayment obligations. Nearly $ 8 trillion in debt accrued under Donald Trump.
In one Press release, Mo Brooks argued against raising the debt ceiling as it was excessive.
Brooks said, “Washington debt junkies can’t give up the habit. They continue to drive financial madness to new heights by raising the U.S. debt ceiling by $ 480 billion. America’s debt will soon surpass the $ 30 trillion mark. That’s roughly $ 90,000 in debt for every man, woman, and child in America. America’s deficit exceeded $ 3 trillion in FY 2020, and the Congressional Budget Office is forecasting that it will break through the $ 3 trillion mark again in FY 2021. “
“The debt junkie’s spending is excessive. It is dangerous. Yet debt junkies refuse to acknowledge their mistake and are doing what is necessary to avoid debilitating national bankruptcy and bankruptcy. America is heading there without corrective action. Debt junkies have to face reality or America’s greatness becomes a shadow of itself, ”Brooks concluded.
representative Terri Sewell posted on Twitter that it supports raising the debt ceiling.
Sewell commented, “Our creditworthiness would cause an unprecedented economic collapse that would hurt every American and Alabamer. Tackling the debt ceiling is the responsible thing and I was proud to join my Democratic counterparts in protecting families from disasters and paying our bills. “
A default on our credit would cause an unprecedented economic collapse that harms every American and every Alabam. Tackling the debt ceiling is the responsible business and I was proud to join my Democratic counterparts in protecting families from disasters and paying our bills.
– Rep Terri A. Sewell (@RepTerriSewell) October 13, 2021
representative Gary Palmer issued a Press release argues that the Democrats “forget” about the sovereign debt crisis.
Palmer said, “The Democrats have just raised the debt ceiling while trying to get the most expensive bill in United States history through. We have already reached a point where US debt is 125 percent of our GDP (gross domestic product). This means that our debt is 25 percent higher than that of the entire US economy. The debate over raising the debt ceiling should have been a break point to allow Democrats and Republicans to work together to tackle our unsustainable debt.
“The ruthless disregard for our debt crisis has become a national security threat and undermines the security and well-being of present and future generations. Rather than raising the debt ceiling while trying to spend more than $ 5 trillion, Congress should work to create laws that will affect growing our economies, ensuring our energy security, creating jobs, and finding them Focus on any sensible way to reduce our debt, posing a great threat to the future of all Americans. “
On Twitter, Palmer commented“Instead of raising the debt ceiling and trying to spend more than $ 5 trillion at the same time, Congress should work to create laws that will focus on growing our economy and finding ways to reduce debt.”
Instead of raising the debt ceiling while trying to spend more than $ 5 trillion, Congress should work to create laws that will focus on growing our economy and finding ways to reduce debt. Full explanation of this week’s vote on debt ceiling extension: https://t.co/IizH5rij4o
– Gary Palmer (@USRepGaryPalmer) October 13, 2021
White House economic advisor stated on a blog, “Failure to pay would fundamentally prevent the federal government from serving the American people. Federal payments that families rely on to make ends meet would be at risk. The basic functions of the federal government – including maintaining national defense, national parks and countless others – would be jeopardized. The public health system that enabled this country to respond to a global pandemic would not be able to function properly. ”