Sen. Rick Scott (R-Fla.) is joining other conservatives in the House calling for the federal government to stop the neverending “reckless” spending and to start living “within its means” in preparation for a looming debt ceiling battle in Congress.
“It’s long past time for Washington to end the reckless spending of taxpayer dollars and start living within its means. I’ll be fighting with every tool at my disposal to finally end Biden’s raging inflation crisis and bring fiscal sanity back to Washington,” he tweeted Sunday.
According to the Bureau of Labor Statistics, inflation was 6.5 percent from December 2021 to December 2022. Many contend that is seriously understated. The price of food has increased by an estimated 10.4 percent and the price of electricity has increased by 14.3 percent.
Under President Biden’s watch, the highest levels of inflation in 40 years have occurred.
As Americans experience record levels of inflation, President Biden and congressional Democrats have gorged themselves on pork and have pushed irresponsible policies that endlessly increase government spending, taxation, and regulations no matter what the fallout is over it or how it hurts the American people.
Democrats seem to feel that a federal budget is unnecessary and that we can just keep on printing money to fund their largesse with no consequences but that is not true and eventually, it will have catastrophic effects on our economy and our position on the global stage.
The battle over the debt ceiling and curbing government spending has already begun and it looks to be brutal. House Republicans “won’t budge” on demands for federal spending cuts in return for agreeing to lift the debt ceiling and avoid a US payment default according to Representative James Comer (R-Ky.).
On Sunday, Republicans renewed demands for spending cuts and Democrats insisted the government be allowed to honor commitments made by previous sessions of Congress, according to Bloomberg. That is an argument they have long used to avoid any fiscal responsibility.
Republicans “campaigned on the fact that we were going to be serious about spending cuts,” Comer stated on CNN’s “State of the Union.”
The Democratic-led Senate “is going to have to recognize the fact that we’re not going to budge until we see meaningful reform with respect to spending,” asserted Comer, who heads the House Oversight Committee.
“The debt ceiling is no doubt going to be a knife fight,” Representative Tony Gonzales (R-Texas) said on “Fox News Sunday.”
Fox News economics journalist Steve Moore weighed in on the coming battle, “Of all the reforms in House rules secured by the conservative rabblerousers last week, arguably the most momentous was the promise that Republicans will not pass any debt ceiling increase until substantial budget process reforms and spending cuts are secured.”
“The need for such a rule would seem self-evident. The debt has risen by some $4 trillion in just two years. Government borrowing last year hit 13 figures, or $1.4 trillion. Absent budget reforms, we could easily see a decade ahead with another $10 trillion added to the debt. And don’t forget, every one-percentage-point rise in interest rates by the Fed raises the debt by well more than a trillion dollars over the next decade,” he added.
Moore went on to assail the bonkers logic of the left on the debt ceiling.
“So, budget hawks and those concerned about our national debt should be applauding this commitment,” he wrote.
“Hardly. Instead, President Joe Biden, Senate Majority Leader Chuck Schumer, the entire Washington special interest community, are collectively sounding a primal scream that we will have economic Armageddon if there is even a hint of the debt limit expiring this summer. The New York Times hyperventilated earlier that ‘Breaching the debt limit would lead to a first-ever default for the United States, creating financial chaos in the global economy. It would also force American officials to choose between continuing assistance like Social Security checks and paying interest on the country’s debt,’” Moore pointed out.
“This is upside-down logic. The nation’s good credit standing in the global capital markets isn’t imperiled by not passing a debt ceiling. The much-bigger danger is that Congress does extend the debt ceiling, but without any reforms in the way Congress grossly overspends,” he asserted.
Moore concluded by stating that the debt default screaming coming from the left is drama at its finest.
“We all hope it doesn’t come to this, but If for some reason bullheaded Democrats refuse to budge and the debt ceiling is not raised in time, this doesn’t cause a debt default. Rather, it immediately prohibits Congress from borrowing more money. It can still spend the tax money that comes into the Treasury each day – but not a penny more. Republicans are working on a contingency plan that ensures the debt payments are met and Social Security checks go out as the top priority. But other low-priority programs – like the Department of Education, foreign aid, energy programs, etc. will shut down until a deal is made. There is no default – unless Biden’s Treasury Department allows a default,” he surmised.
As Sen. Scott correctly pointed out, we must rein in inflation and cut federal spending, or default at some point is assured as America falls from within due to unchecked spending gluttony.