Treasury Secretary Janet Yellen warned lawmakers that if they don’t take extraordinary methods and pass a huge debt increase it could hurt the American people. But, it’s not the American people who will be hurt, it would be the radical socialist agenda of the Democrats.
Joe Biden has about 12 trillion dollars he wants to spend but that won’t happen unless the debt limit is raised astronomically. Which is the best reason there is for not doing it.
Let’s just hope that the republicans don’t roll over and play dead. Without a massive increase, the Democrats can’t spend 4.5 trillion in new infrastructure spending.
One of those bills includes amnesty for millions of illegals that the Democrats will give citizenship to before the next election if possible, otherwise before 2024.
It will also halt the 6 trillion dollar budget Biden wants along with many other unnecessary spending bills.
Congress does need to raise the debt limit to prevent the government from shutting down on August 1st and with it default on our loans. But. it should only be raised by 2 or 3 trillion to stop the Biden agenda. This country cannot survive if we continue to add trillions to our debt.
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This is an opportunity to rein in the extravagant spending we see under Joe Biden.
If he wants to spend more, he will have to ask China for a raise or have Hunter paint a large number of paintings to sell to those wanting favors from the government.
In a letter to House Speaker Nancy Pelosi (D-CA), Yellen admonished Congress to protect “the full faith and credit of the United States” as soon as possible:
Increasing or suspending the debt limit does not increase government spending, nor does it authorize spending for future budget proposals; it simply allows Treasury to pay for previously enacted expenditures. The current level of debt reflects the cumulative effect of all prior spending and tax decisions, which have been made by Administrations and Congresses of both parties over time. Failure to meet those obligations would cause irreparable harm to the U.S. economy and the livelihoods of all Americans.
Even the threat of failing to meet those obligations has caused detrimental impacts in the past, including the sole credit rating downgrade in the history of the nation in 2011. This is why no President or Treasury Secretary of either party has ever countenanced even the suggestion of a default on any obligation of the United States.