Commentary
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Our commentary partners will help you reach your own conclusions on complex topics.
One of the biggest challenges this year is going to be passing the debt ceiling. The debt ceiling is a provision by which the Congress with the president signature establishes the total amount of money, the US government’s allowed to borrow. That’s why it’s called a debt ceiling. It was put in many, many years ago, to try to block the constant increase in the federal debt. It hasn’t worked very well. But it does guarantee occasionally, a real fight over priorities, a real fight over budget reform, and a real fight over trying to shape the government of the future. Now, we’ve had huge amounts of spending in the last couple of years. So the debt ceiling is about to go up pretty dramatically. And the question is, do we just roll over and allow the people who’ve been using our taxpayer credit card to have even more money from the taxpayer? Or do we have a pretty big fight, and start setting some limits on what government can spend and start moving towards a balanced budget, there is a very determined group of conservatives, particularly in the house, who are determined to fight for moving towards a balanced budget, I have a pretty deep bias. As Speaker of the House, I helped pass the only four balanced budgets in your lifetime. And in fact, we balanced the budget so decisively, that by the end of the fourth year, they were projecting that by 2009, we would have paid off the entire federal debt. And in fact, Alan Greenspan, then the Chairman of the Federal Reserve, will actually had a study group asking the question, how do you manage the money supply? If you’re not borrowing anything, they’d never contemplated that we last time we got in that shape was 1837. Now things broke down, politicians didn’t follow through. And as a result, we’re back to deficit spending. But it is possible to balance the federal budget, it is possible to control spending, and the conversation we’re going to have this year about raising the debt ceiling is a very important point. To have that initial look. I would say also, that from a conservative standpoint, to just roll over and allow the people who have been capriciously misusing the taxpayers credit card to continue running up more and more debt would be very irresponsible. And so my hope is that speaker McCarthy and the new Republican majority are going to draw a very firm line in the sand indicate clearly the President Biden that the only way they’re going to get the debt ceiling signed, is to have genuine reforms that begin moving us towards a more fiscally solid base. It’s going to be very important. I think all of us have to pay attention. This isn’t some theoretical arcane thing. This is about controlling inflation. It’s about strengthening the dollar. It’s about making sure that we move back towards a balanced budget for our children and for our country.
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Pro-Palestine protesters should recognize the evils of Hamas
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How AI is changing the world
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Biden’s foreign policy riddled with errors and misfortune
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Illegal immigrants want to invade and occupy your home
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