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.
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