Showdown at 1600 Pennsylvania Avenue

Written by on May 9, 2023

Showdown at 1600 Pennsylvania Avenue

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

Showdown at 1600 Pennsylvania Avenue

Joe Biden will host House Speaker Kevin McCarthy and other Republican and Democrat leaders at the White House as both sides dig in over the debt ceiling.

The debt ceiling is the limit on the amount of national debt the federal government can accumulate. Treasury Secretary Janet Yellen estimates the U.S. will run out of cash on June 1.

Here’s where the two sides stand:

πŸ”΄ The Republicans have passed a bill in the House that would raise the debt ceiling, paired with responsible cuts to government spending so our national debt doesn’t continue to spiral out of control.

πŸ”΅ The Democrats want a clean bill to raise the debt ceiling without spending cuts – no questions asked.

What to expect from the White House meeting: Theater. This is all about winning in the court of public opinion. If Biden’s recent tweets are any indication, you can expect fear-mongering from the Democrats who will say Republicans are forcing us to default on our debt.

Here’s the truth: Defaulting on our debt is bad, obviously. But continuing to take on more debt could be worse. Since the 2008 financial crisis, we’ve added nearly $22 trillion to our national debt. By 2033 it’s projected to hit $50 trillion. At that point, interest payments on our debt are over $1 trillion and would be our largest annual expense – more than defense or social welfare spending.

Show your support: Republicans are right to have this fight. But I’m concerned that as the Democrats and their media allies turn up the fear-mongering, they’ll lose their nerve. So today I’m asking you to flood your House representative [if they’re a Republican] with support:

Use this directory to find your rep’s D.C. office number. Call and tell them you have their back: https://www.congress.gov/members/find-your-member

And if your rep is a Democrat, call Speaker Kevin McCarthy: (202) 225-2915

[Source: Reuters, Axios, Kobeissi Letter]

https://www.reuters.com/markets/us/biden-mccarthy-aim-break-us-debt-ceiling-standoff-default-crisis-looms-2023-05-08

https://www.axios.com/2023/05/08/biden-battens-down-the-hatches

“While failure to raise the US debt ceiling would be catastrophic, taking on more debt is a crisis itself.

The US has added $8 trillion in debt since 2020 and $22 trillion since 2008.

It took the US 230 years to add the first $8 trillion in debt and just 3 years to add the last $8 trillion.

Net interest expense on US debt was ~$475 billion in 2022 which is nearly 10% of tax revenue.

Within the next 10 years, total US debt is estimated to hit $50 trillion with annual interest expense well over $1 trillion.

Soon, interest will be the US government’s largest expense.

Each time the debt ceiling is raised, the crisis gets worse.

We need a sustainable solution.”

 

 

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