This story was originally published by the WND News Center.
Joe Biden claimed, back in 2009 when he and Barack Obama were launching their government spending sprees, that, “‘You’re telling me we have to go spend money to keep from going bankrupt?’ The answer is yes, that’s what I’m telling you.”
As a fiscal policy, it undoubtedly has left many economists with jaws agape, but as a forerunner to what apparently is the Democrat party’s present fiscal ideology, it was spot on.
It’s because now, with the nation at its debt ceiling of more than $31 trillion, and with Democrats having passed a $1.7 trillion spending plan that can’t be covered, they are insisting that the statutory borrowing limit be raised.
They are telling the GOP, now the majority in the House, that’s exactly what has to be done.
And they want to be raised to the sky.
Literally, they don’t want to accept any limits on what they can borrow and spend, and then hope that today’s grandchildren and great-grandchildren can repay.
Fox News reports that Democrats even now are claiming it’s “dangerous” for Republicans to insist on reduced spending – as a condition for higher borrowing.
The no-limits credit card for Congress has been proposed in legislation by dozens of House Democrats.
Among supporters of the idea are Rep. Pramila Jayapal, D-Wash., and Rep. Sheila Jackson Lee, D-Texas, who recently proposed modifying the First Amendment so that statements about minorities that are made by whites would be illegal.
“Weaponizing the debt ceiling and using it as a pawn in partisan budget negotiations is dangerous and repeatedly brings our nation to the brink of default, which would be disastrous to the U.S. economy – something we’ve witnessed as recently as 2011 when Republicans created a debt ceiling crisis that resulted in the first-ever downgrade to the U.S. credit rating,” claimed another Democrat, Rep. Bill Foster of Illinois.
He likened the situation to ordering a meal at an expensive restaurant, eating it, and then “skipping out.”
The bill is called the “End the Threat of Default Act” and aims to end any serious attempt to limit government spending on whatever Congress decides.
Treasury Secretary Janet Yellen said the debt ceiling should be addressed by summer to avoid significant problems.
Fox reported, “Before the housing crisis in 2008, the total national debt was $9 trillion, an amount that more than tripled to more than $31 trillion in less than 15 years thanks to programs related to the housing bailout, 20 years of military presence in Afghanistan, COVID emergency response measures, and routine funding increases for defense and social programs. COVID drove federal spending to record-high levels, and the government continues to spend near those levels even though the emergency has abated.”
Democrats already have suggested that their current spending plans could push the nation a further $13 trillion into debt over just the next few years.