Staff Reports
President Joe Biden signed a bill to raise the debt ceiling, preventing the United States from defaulting in just a matter of days. Despite some last-minute paperwork, Biden reached a deal with House Speaker Kevin McCarthy (R-Calif), called the Fiscal Responsibility Act. This act suspends the public debt limit until Jan. 1, 2025, and cuts non-defense spending to fiscal 2022 levels, capping growth at one percent for the next two years. In the following four years, non-mandatory caps will be proposed.
Biden Signs Debt Ceiling Bill, Avoids Default By Two Days
https://t.co/PRDTC4US6P— Townhall.com (@townhallcom) June 3, 2023
The act will also reduce funding for the Internal Revenue Service and some unspent COVID-19 pandemic funds. Even though both sides did not get everything they wanted, Biden praised McCarthy for his work and cooperation, saying that they got things done by being straightforward, completely honest, and respectful with each other. The Senate approved this measure with a 63 to 36 vote, as the government was facing a situation where it would no longer be able to pay all of its bills without borrowing money.
Although Biden portrays this deal as a critical action for the American people and claims that everyone got what they needed, it is hard to ignore the fact that the fiscal responsibility act will only add to the United States’ mounting debt. By pushing the public debt limit to Jan. 1, 2025, this current administration is only kicking the can down the road and avoiding the consequences of their reckless spending. Rather than making tough choices to balance the budget and cut back on spending, they are going for the easy solution to avoid any immediate consequences in order to secure more votes for the next election.
Thankfully, there are still some politicians in the Senate who are brave enough to vote against raising the debt ceiling, recognizing the unrealistic and irresponsible approach of Biden’s administration. It is time to stop putting the country in jeopardy by running up massive debts, and make real decisions for the future of the United States. The Fiscal Responsibility Act is a band-aid solution for a massive wound created by over-spending, and we need real politicians to make real changes to address these critical issues.
