This Country is in a box created by the politicians we support. We have no choice but to raise the debt ceiling, but doing so without adjusting spending or increasing revenue is irresponsible and unfair to future generations.
The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
We need to raise the debt limit as soon as possible, without drama and without serious risk of default. To threaten default or drag one’s feet is the height of irresponsibility. Lawmakers need to commence serious discussions immediately.
The House passed a reasonable bill that would raise the debt limit, reduce deficits, and slow the growth of our national debt. Those who prefer a different approach to lifting the debt ceiling and bringing down our out-of-control borrowing – whether at the same time or on different tracks – should offer their own proposals right away.
The debt limit offers an opportunity for lawmakers to assess and address the nation’s fiscal situation. But it must be increased – without question and without threatening the full faith and credit of the United States. Lawmakers should stop approaching this as though they are on two different teams, and work together as the leaders of one country.
QUINNSCOMMENTARY 
I’m surprised, Mr. Quinn, that you raise the alarm about the US Federal Government “defaulting on paying interest on the US debt. The Federal Government receives in monthly revenue from taxes to more than cover the debt interest.
Without pressures to cut back substantially on spending AND raise taxes ( yes raise income taxes) , the debt will continue the untenable upwards trajectory until ……?
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The revenue may cover interest, but to do that a lot of other things would not be covered. Selling more debt is how it’s paid for.
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The Trump tax cuts actually didn’t decrease the revenue coming in but the cuts did gall the folks who think corporations and the rich got all the breaks and they did see cuts but the middle got a good deal and the bottom half don’t pay income tax anyway.
The huge debt run up is covid era spending and that included tons of wasteful spending. The Biden administration wants to keep that spending full speed ahead.
The debt ceiling will be raised and lip service will be paid to a more responsible spending plan but don’t look to closely at the details.
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Thank you Richard for your common sense explanation. If cuts are demanded by Congress, I think the 2018 historic tax cuts that largely benefited corporations and the uber wealthy along with cutting incoming revenue should be revisited first before social programs are cut. Especially Veterans benefits and social security. Then eliminate negotiations from future budget deficits altogehter.
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Social Security will never be cut. Actually, the rhetoric that the tax cuts mostly benefited Corp and the wealthy is not accurate, there several benefits for the rest of us, including the standard deduction. The cost did add to the deficit and weren’t a great idea, but isn’t it interesting that in light of the rhetoric as to who benefited, no attempt was made to repeal it.
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I totally agree.
Sent from my iPhone
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There is no choice and our day of reckoning is coming.
However, I would like to see Congress claw back all the unspent funds from covid relief. According to the Committee for Responsible Budget there is $199 billion that has not been spent, but you know they they will even if it buying paper clips. Then I would freeze and claw back all unspent funds from the Build Back Better and the Inflation Reduction Act plans and start over with those spending spree legislation. Were are going to have a 50% income tax for all not to pay for more social and welfare programs but to pay our national debt.
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