Guest Author
The financial health of our country and the global economy is balancing on a razor’s edge as our debt ceiling fast approaches. If the federal government doesn’t reach an agreement soon, the United States will default on its debt for the first time in history.
The U.S. and global economies cannot afford a scenario where we fail to pay the bills we have accrued.
While the debt limit is a critical issue, so too is our escalating debt crisis. For decades, both parties have failed to rein in spending, instead opting to ramp it up, handing our children and grandchildren a legacy of debt they can never repay. Yet in just two years, the Joe Biden administration and congressional Democrats went on a $5 trillion spending binge that led to record-high inflation, soaring interest rates and a staggering $31.4 trillion national debt — larger than our entire U.S. economy.
Alarm bells rang on the debt ceiling shortly after Republicans took control of the House in January. All branches of government knew this was a problem that must be addressed soon. House Republicans developed and passed the Limit, Save, Grow Act to avoid economic calamity. This comprehensive bill puts our country on a path to fiscal sanity by limiting federal spending, saving taxpayer dollars by cutting wasteful programs, growing the economy by strengthening the workforce and responsibly raising the debt ceiling.
The debt ceiling provides an important opportunity to review the debt we have accrued and work to rein in out-of-control spending. Yet, instead of offering a solution, the President is refusing to work with House Republicans, instead demanding a “clean” debt ceiling increase that fails to address the cause of our crisis.
Some Americans argue we shouldn’t increase the debt ceiling at all, to teach the government a lesson. However, we have already incurred the debt in question. Not only do we have a legal, ethical and moral obligation to pay it back, but failing to do so would have repercussions across the globe, creating disastrous economic consequences.
To date, only one party has acted to solve the problem, while the other has refused to even have a discussion. Speaker Kevin McCarthy and House Republicans passed the Limit, Save, Grow Act several weeks ahead of the anticipated debt ceiling deadline in June. The Biden administration cynically bet we would fail to unite, allowing the President to impose his will in dictatorial fashion.
In doing so, he was willing to gamble the economic welfare of the American people — present and future. That bet didn’t pay off.
Republicans have offered a sensible plan to address our looming debt crisis and place us on a path to fiscal responsibility. It’s time for President Biden to get serious and come to the table.
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Rep. Scott Franklin represents Central Florida’s 18th Congressional District.
6 comments
Rob Desantos
May 9, 2023 at 2:50 pm
Scott Franklin must shut his inexperienced toadying mouth while the adults are talking.
Michael K
May 9, 2023 at 3:03 pm
I don’t recall the Republican opposition to raising the debt limit when they had both houses – nor do I recall them taking any responsibility for their spending or a drop in revenue because of their ax cuts to the wealthy – or acting like terrorists to not pay the bills they ran up under Trump – the same bills which they are now threatening not to pay. They’d rather blow up the global economy that do what’s right.
William Sheckler
May 9, 2023 at 3:50 pm
We (US taxpayers) are still paying the price in artificially higher government borrowing costs caused by downgraded credit rating of the US Treasury, that was itself caused by the GOP the last time they pulled this bull in 2011.
The GOP tax cut for the rich, and four clean budget increases in a row ! But now you want to be serious about balancing the budget !
GOP is soon to be a regional party, and then they will just be a footnote, but historians will say some very true and nasty things about their alleged leaders.
Billy the Bamboozler
May 9, 2023 at 4:03 pm
Raise taxes… it’s that simple. 50% on income above $250,000 a year. GOP doesn’t care about the debt… only uses this as an excuse to continue to shovel mountains of money to the rich and sabotage and obstruct government. If they cared about the debt then they would be screaming and crying about raising taxes AND cutting spending.
John M Alderman
May 17, 2023 at 7:34 pm
Biden has brought down the egg prices in Walmart. Now, we can afford to throw them at MAGA Representatives for trying to destroy the US economy by not passing a deficit release law. Shame on Scott Franklin.
Marie Gregor
May 19, 2023 at 8:18 pm
The National Debt has risen more when republicans are in charge.
We all know it so stop trying to pull the wool over our eyes. You guys will cut what the general public needs because you are always itching for another tax break for those who do not need it. Your appetite for more money is insatiable and you should be ashamed. Where is Robin Hood when you need him.
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