You know, the debt ceiling bill that passed as a first step was pretty good. As a last step, it’d be pretty bad. And here’s the key difference. As a first step, it turned the corner. For the first time ever, the debt ceiling included genuine cuts in spending; billions of dollars less than were spent last year. That was a good step. It also included some real policy changes, making it easier to build infrastructure, making it easier to invest in oil and gas and other kinds of energy. It also had, I think, a step towards blocking the IRS from hiring thousands of new agents to harass the American people.
But it was tiny compared to the scale of the problems. And if that was the last step, I would have voted no. However, if it’s the first step towards turning the system, the first step towards more spending cuts, more reforms, a better approach to the government, then I think it’s a great start. That means that the House Republicans in particular, as the most solidly conservative group in Washington, have a real obligation over the rest of this year to continue having hearings, to continue investigating corruption and fraud and waste, and to have a series of appropriations bills where they continue to make spending cuts. If they follow through, if this was just the first step, then it’s all going to work.
When I wrote my new book, “March to the Majority,” part of what struck me was … you know, when we got elected in ‘94 with the Contract With America, we didn’t jump overnight to a balanced budget. It took three years of work, one day at a time, step by step, and then finally, we were able to get to four consecutive balanced budgets for the only time in your lifetime. The way you do that is you build on what we’ve already accomplished. Now, the debt ceiling was a step and I think Speaker Kevin McCarthy intends for it to be the first of many steps. If he can achieve that, if he can bring his conference together, he can continue to negotiate with President Biden, we might find ourselves in a year or two, in a dramatically better place.
And the starting point will be the budget which the Republicans are going to bring out, which will be a balanced budget. It’ll take time to get there. It took us four years. We originally thought it would take seven. I think the current Republicans believe that the problem is so huge, the spending is so enormous, that it may take them up to 10 years. My hunch is they can get it done faster than that.
But the key is to set the goal, to say we’re really going to balance the budget, bring inflation under control, cut taxes and regulations to create a lot more economic growth. And in that setting, we’re going to see the United States once again, have the most stable currency in the world, the most powerful economy in the world, and the greatest level of freedom in the world. That’s what our goals ought to be.
Commentary
Our commentary partners will help you reach your own conclusions on complex topics.
With globalization ending, the US can and should adapt
Yesterday Peter ZeihanDeglobalization’s impact on world food exports
Thursday Peter Zeihan‘The lesser of two evils’: Undecided Gen Z on 2024 election
Wednesday Dr. Frank LuntzWill climate change be the death of wheat?
Wednesday Peter ZeihanDebt ceiling deal is only the first step in fixing US economy
By Straight Arrow News
President Biden and House Speaker Kevin McCarthy averted a catastrophic default on the nation’s debt with a last-minute agreement to suspend the debt ceiling. Now that the U.S. debt limit has been suspended until January 1, 2025, Republicans want to focus on controlling federal spending.
Straight Arrow News contributor Newt Gingrich understands the challenges of budget battles well, having served as House Speaker from 1995-99. He cautions that the debt ceiling deal is only the first step in fixing the U.S. economy.
For the first time ever, the debt ceiling included genuine cuts in spending; billions of dollars less than were spent last year. That was a good step. It also included some real policy changes, making it easier to build infrastructure, making it easier to invest in oil and gas and other kinds of energy. It also had, I think, a step towards blocking the IRS from hiring thousands of new agents to harass the American people.
But it was tiny compared to the scale of the problems. And if that was the last step, I would have voted no. However, if it’s the first step towards turning the system, the first step towards more spending cuts, more reforms, a better approach to the government, then I think it’s a great start. That means that the House Republicans in particular, as the most solidly conservative group in Washington, have a real obligation over the rest of this year to continue having hearings, to continue investigating corruption and fraud and waste, and to have a series of appropriations bills where they continue to make spending cuts. If they follow through, if this was just the first step, then it’s all going to work.
When I wrote my new book, “March to the Majority,” part of what struck me was … you know when we got elected in ‘94 with the Contract With America, we didn’t jump overnight to a balanced budget. It took three years of work, one day at a time, step by step, and then finally, we were able to get to four consecutive balanced budgets for the only time in your lifetime. The way you do that is you build on what we’ve already accomplished. Now, the debt ceiling was a step and I think Speaker Kevin McCarthy intends for it to be the first of many steps. If he can achieve that, if he can bring his conference together, he can continue to negotiate with President Biden, we might find ourselves in a year or two, in a dramatically better place.
You know, the debt ceiling bill that passed as a first step was pretty good. As a last step, it’d be pretty bad. And here’s the key difference. As a first step, it turned the corner. For the first time ever, the debt ceiling included genuine cuts in spending; billions of dollars less than were spent last year. That was a good step. It also included some real policy changes, making it easier to build infrastructure, making it easier to invest in oil and gas and other kinds of energy. It also had, I think, a step towards blocking the IRS from hiring thousands of new agents to harass the American people.
But it was tiny compared to the scale of the problems. And if that was the last step, I would have voted no. However, if it’s the first step towards turning the system, the first step towards more spending cuts, more reforms, a better approach to the government, then I think it’s a great start. That means that the House Republicans in particular, as the most solidly conservative group in Washington, have a real obligation over the rest of this year to continue having hearings, to continue investigating corruption and fraud and waste, and to have a series of appropriations bills where they continue to make spending cuts. If they follow through, if this was just the first step, then it’s all going to work.
When I wrote my new book, “March to the Majority,” part of what struck me was … you know, when we got elected in ‘94 with the Contract With America, we didn’t jump overnight to a balanced budget. It took three years of work, one day at a time, step by step, and then finally, we were able to get to four consecutive balanced budgets for the only time in your lifetime. The way you do that is you build on what we’ve already accomplished. Now, the debt ceiling was a step and I think Speaker Kevin McCarthy intends for it to be the first of many steps. If he can achieve that, if he can bring his conference together, he can continue to negotiate with President Biden, we might find ourselves in a year or two, in a dramatically better place.
And the starting point will be the budget which the Republicans are going to bring out, which will be a balanced budget. It’ll take time to get there. It took us four years. We originally thought it would take seven. I think the current Republicans believe that the problem is so huge, the spending is so enormous, that it may take them up to 10 years. My hunch is they can get it done faster than that.
But the key is to set the goal, to say we’re really going to balance the budget, bring inflation under control, cut taxes and regulations to create a lot more economic growth. And in that setting, we’re going to see the United States once again, have the most stable currency in the world, the most powerful economy in the world, and the greatest level of freedom in the world. That’s what our goals ought to be.
Here’s how the Trump-Harris debate should work
What if the asteroid had missed Earth and dinosaurs still lived?
Kamala Harris really is a big-government socialist
America must stand by Israel as threat of greater war looms
On Purple Heart Day, remember America is built on merit
Underreported stories from each side
Grassley releases new details of Iran-backed assassination plots against Trump, Biden and others
8 sources | 0% from the left ReutersTrump staffers in Arlington incident identified
7 sources | 0% from the right Getty ImagesLatest Stories
Michigan’s first ‘I Voted’ sticker contest draws inspiration from folklore and more
IRS recovers $1.3B in unpaid taxes from high-income Americans
Rome considers timed ticket system for Trevi Fountain
NOAA says Vineyard Wind won’t kill sea life, issues permits for it to do just that
Trump campaign staffers involved in Arlington cemetery altercation identified
Popular Opinions
In addition to the facts, we believe it’s vital to hear perspectives from all sides of the political spectrum.
Don’t blame Israel, and keep the pressure on Hamas
Yesterday Star ParkerThe reckoning of the Trump campaign has begun
Yesterday Dr. Rashad RicheyAs Trump goes lower, Harris aims higher
Thursday Jordan ReidThe government isn’t the answer to a stressed-out parenting culture
Thursday Timothy Carney