If Joe Biden&#8217;s policies were wildly popular, everybody would overlook the fact that the man walks into walls.
But his policies are terrible.
On Tuesday, it was reported that the index of consumer prices rose 3.2% in February from one year earlier. We try to keep the rate at 2%. But we are still clocking in at well above 3% — which is 50% higher than what we want. Core price inflation is sitting at 3.8%; again, we aim for 2%.
That means all of the interest rates are going to remain high for the foreseeable future. The Federal Reserve tries to combat inflation by increasing interest rates — the overnight rate at which the Federal Reserve lends to banks and the banks lend to one another — and that is then passed on to the consumer.
The basic idea is that when you tighten up the credit, fewer people are borrowing; less money flowing around the economy means the prices tend to decrease. That&#8217;s the reason to increase interest rates.
The Federal Reserve wanted to decrease the interest rates in advance of the election to get that money flowing again, to heat up the economy, to make sure that hiring stays at really high levels leading up to Biden&#8217;s reelection effort in November.
But inflation is not cooperating, so interest rates are likely to stay high — which is why a few years ago you could get a mortgage for 3% and now a mortgage is costing you roughly 7%.
<h4><a href="https://www.dailywire.com/episode/ep-1923-spending-like-there-s-no-tomorrow-member-exclusive" target="_blank" rel="noopener">WATCH: The Ben Shapiro Show</a></h4>
The stickiness in the real estate market is created not by demand for single family housing, but by the lack of actual supply. No one can sell their high-priced house right now because if they did, the interest rate for their current mortgage, which they took out five years ago at 3%, would increase to 7% for the new mortgage for the new house.
So nobody&#8217;s actually selling right now.
The Wall Street Journal <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-03-11-2024/card/white-house-forecasts-somewhat-higher-interest-rates-6wcHJKhbxfffDfPSpAKs" target="_blank" rel="noopener">reported</a> on Monday:
<blockquote>President Biden signaled optimism during a campaign event last week that the Federal Reserve was going to cut interest rates soon. The economic forecasts in his <a href="https://www.wsj.com/politics/policy/biden-budget-kicks-off-election-year-fight-over-medicare-social-security-42c7318f" target="_blank" rel="noopener">budget released Monday</a> offer a different message: curb your enthusiasm. …
Economic forecasts released Monday as part of the White House’s 2025 budget proposal assume that three-month Treasury bill rates will average 5.1% this year, the same as in 2023, before declining to 4% next year and 3.3% in 2026.
The White House sees the average 10-year Treasury note yield rising to 4.4% this year from 4.1% last year and then declining gradually to 3.7% by the end of this decade. 
The White House last year projected a somewhat lower path for interest rates in part because it assumed a meaningful slowdown in growth for 2023 that didn’t materialize. </blockquote>
If you sell a bond and interest rates are high — 7% or 8%, or in this case 5% — that means that the U.S. government is going to have to pay that off down the road.
This means when you take on new debt, it is more expensive — and that&#8217;s a big problem because we are blowing out spending like nobody&#8217;s business.
Joe Biden has a plan. His political plan is twofold. One: Promise to spend more money than anybody has in human history. Two: Soak the rich. That&#8217;s going to be his two-pronged economic plan, which is nothing new; we&#8217;ve seen that from every Democrat since Bill Clinton. The idea was to promise the world to voters, promise to spend money that does not exist, and do so by borrowing and taxing.
But the taxes never actually materialized because tax revenue is not capable of sustaining the kind of spending we are doing now, unless you decide to really tax the middle class. What Democrats want is the Norwegian standard of living without the kind of oil wealth provided by the Norwegian oil industry and without taxing the middle class in the way that Norway does.
The dirty secret of living in Scandinavia is that they tax everybody who makes about $60,000 a year at the same rate they tax those who make $500,000 a year. But America has an incredibly progressive tax system. People at the top of the income spectrum pay nearly all the taxes in the United States. That is not true in the social democracies of European countries, which start taxing people at exorbitant rates when they hit the lower-middle class.
But that&#8217;s something Democrats don&#8217;t want to do because they understand that if they do so, it would be politically unpopular with many of the people who are going to vote for them.
So, instead, they decide to promise extraordinary levels of spending and try to force Republicans into the corner — because Republicans are going to say we can&#8217;t spend that much.
This is why Biden has now released his fiscal 2025 budget, which has no chance of passage. It’s a list of priorities for Biden. And what exactly are Biden&#8217;s priorities?
Taxing people a lot of money, cutting military spending in the face of the most chaotic world situation of the modern era, and maintaining the spending trajectory of Social Security and Medicare.
And somehow, he says this is going to lower the deficit.
How is it going to do that? He’s assuming he can radically increase taxes without affecting the economy, which of course, is not the way any of this works. Radically increasing taxes causes people to spend less money. That&#8217;s the way it tends to work. You can tax something to death. But you cannot tax something into prosperity.
He&#8217;s proposing a $7.3 trillion budget. This is patently insane on its face. First, even during the pandemic in 2021, we did not spend that much money. The United States government spent about $6.8 trillion. The same was true in 2020. That was during a full-scale pandemic when people were told to stay home and the federal government paid everyone&#8217;s bills for a year.
These levels of government spending are not justified. We&#8217;re not even in the middle of a pandemic.
Biden’s budget would raise taxes on wealthy people and large corporations. When you tax a corporation, that cost is passed on to the people who work for the corporation; they have less money to pay their employees.
But Biden says this will somehow trim the deficit and lower the cost of prescription drugs, childcare, and housing. When he says he will lower the costs of goods and services like this, what he really means is that the federal government is going to start subsidizing.
And there has yet to be a product developed by human beings subsidized by the federal government in which the cost does not go up.
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Biden is already stagnating the economy. The real threat to the American economy in the long-term is not inflation. Inflation will come back down under control. The real danger is the stagnating economy for the foreseeable future.
In an article titled “<a href="https://www.wsj.com/articles/joe-biden-budget-fy-2025-defense-spending-taxes-25f09b63" target="_blank" rel="noopener">Biden Offers a Budget Fantasy</a>,” the Wall Street Journal reports, “Mr. Biden’s deficits mean that debt as a share of the economy also keeps rising. He foresees debt held by the public rising to 102.2% in 2025, though it was only 79% as recently as 2019.”
That means more money will be spent in terms of servicing our national debt than we spent on our military budget every year in the very near future.
“Public debt in his budget keeps growing and growing — to 106% of GDP in 2030. Interest on that debt will surpass defense spending this year when it hits $890 billion, and it keeps climbing to $1.57 trillion over the next decade,” the Wall Street Journal added.
None of this makes any fiscal sense. When he says he&#8217;s going to tax the rich to get out of this, the simple fact of the matter is that there is no way to tax the rich enough to pay for the kinds of things Biden wants to pay for. He doesn&#8217;t really want to pay for them because he knows this is not going to pass.
So why does Biden propose nonsensical things that will go nowhere?
Because he&#8217;s trying to pick fights with Republicans. That&#8217;s really what this is all about.

President Biden Speaks On Lowering Costs

Biden’s Economy Makes No Sense. It’s Simply An Excuse To Attack Republicans

2024 Election

Ben Shapiro

Budget

Entitlement Reform

Federal Government

Interest Rates

Joe Biden

National Debt

Opinion

Readers Pass

President Joe Biden signed a $459 billion spending plan on Saturday to fund a number of prominent government departments and agencies just hours after the Senate approved the package in a 75-22 vote after rejecting a host of conservative-backed amendments. 
The spending package, which was <a href="https://www.senate.gov/legislative/LIS/roll_call_votes/vote1182/vote_118_2_00084.htm" target="_blank" rel="noopener">opposed</a> by 21 Republican senators and Sen. Chris Murphy (D-CT), will <a href="https://www.congress.gov/bill/118th-congress/house-bill/4366" target="_blank" rel="noopener">fund</a> the Defense Department, the Department of Veteran Affairs, the Agriculture Department, the FDA, the Transportation Department, the Department of Housing and Urban Development, the FBI, the EPA, and the ATF. 
Senate Majority Leader Chuck Schumer (D-NY) <a href="https://www.fox29.com/news/congress-passes-460-billion-in-spending-bills-avoiding-government-shutdown" target="_blank" rel="noopener">celebrated</a> the passage of the bill, saying that it demonstrated that the House and Senate could work together. 
&#8220;To folks who worry that divided government means nothing ever gets done, this bipartisan package says otherwise,&#8221; Schumer said. 
The bill, which was criticized by conservative lawmakers for how many earmarks it included, was passed ahead of a deadline that could have led to a partial government shutdown. 
It was supported by Republican Minority Leader Mitch McConnell (R-KY) as well as Sen. John Cornyn (R-TX) and Sen. John Thune (R-SD), both of whom are running to replace McConnell. 
Sen. Rand Paul (R-KY) was critical of the bill, saying that there was bipartisan consensus to keep adding to the national debt. 
&#8220;A lot of people don&#8217;t understand this. They think there is no cooperation in Washington and the opposite is true. There is compromise every day on every spending bill,” Paul <a href="https://justthenews.com/government/congress/senate-passes-460-billion-spending-package?utm_source=daily&amp;utm_medium=email&amp;utm_campaign=newsletter" target="_blank" rel="noopener">said</a>. “It’s compromise between big-government Democrats and big-government Republicans.”
One amendment, from Sen. Bill Hagerty (R-TN), to ensure that illegal aliens are not counted toward the apportionment of congressional seats and electoral votes failed 51-45, with all Democrats opposing. 
“Today Democrats proved they will vote for anything that preserves their own power — even using illegal immigration to compromise Americans’ voting rights,” Haggerty <a href="https://twitter.com/SenatorHagerty/status/1766287236067139983" target="_blank" rel="noopener">said</a>. 
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Other amendments from Republicans included efforts from Sen. Rick Scott (FL) to remove all of the earmarks out of the bill and an amendment that would have blocked the FDA’s promotion of the abortion drug mifepristone. 
“Earmarks incentivize the wrong thing in Congress — spending too much money — by rewarding senators and representatives for supporting bloated &amp; otherwise-problematic spending bills,” Sen. Mike Lee (R-UT) said. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Earmarks incentivize the wrong thing in Congress — spending too much money — by rewarding senators and representatives for supporting bloated &amp; otherwise-problematic spending bills.
&mdash; Mike Lee (@BasedMikeLee) <a href="https://twitter.com/BasedMikeLee/status/1766465645280121271?ref_src=twsrc%5Etfw">March 9, 2024</a></blockquote>
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The Senate’s passage of the spending package comes after the House approved it earlier this week after opposition from some conservative lawmakers who said it didn’t cut enough spending.

U.S. Congress Wrangles With Agreement To Solve Government Shutdown

Biden Signs $459 Billion Spending Package After Senate Rejects Conservative Amendments

Chuck Schumer

Congress

Politics

Rand Paul

Spending Bill

U.S. Senate

During President Biden’s State of the Union, he will <a href="https://abcnews.go.com/US/wireStory/biden-call-state-union-business-tax-hikes-middle-107877505">unveil</a> his plan to raise the minimum corporate tax by a whopping 40% as well as implement a tax on the rich that would be at least 25%.
Biden would raise the corporate tax rate to 28% and the corporate minimum tax to 21%. Currently, the minimum corporate tax rate <a href="https://www.irs.gov/newsroom/irs-clarifies-rules-for-new-corporate-alternative-minimum-tax">stands at 15%</a> after Biden implemented that earlier in his presidency. Biden would also refuse companies tax deductions for employees making over $1 million. “The President is proposing to levy a 25 percent minimum tax on the wealthiest 0.01 percent, those with wealth of more than $100 million,” the White House <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/07/fact-sheet-president-biden-is-fighting-to-reduce-the-deficit-cut-taxes-for-working-families-and-invest-in-america-by-making-big-corporations-and-the-wealthy-pay-their-fair-share/#:~:text=President%20Biden%27s%20tax%20plan%20would,corporate%20minimum%20tax%20to%2021%25." target="_blank" rel="noopener">stated</a>.
Former President Trump, the presumptive GOP 2024 presidential nominee, would reportedly make the tax cuts he implemented in his first term – which reduced corporate taxes from 35% to 21% —  permanent.
During Trump’s administration, the four quarters preceding January 2019 saw real gross domestic product <a href="https://www.heritage.org/international-economies/commentary/under-trump-us-economic-freedom-rises-significantly">soar</a> more than 3 percent, the best since the second term of George W. Bush’s presidency 13 years before.
Wharton Business School finance professor Joao Gomes, who was awarded the University of Pennsylvania’s Marshall Blume Prize in 2018, recently warned that the nation’s massive $34 trillion debt could presage an economic meltdown in 2025.
“As we discuss promises about ‘what we’re going to do with tax and programs,’ it’s going to be important to put it in the context of ‘Can we afford that?’” Gomes told <a href="https://fortune.com/2024/03/03/what-is-current-national-debt-how-can-us-get-out/" target="_blank" rel="noopener">Fortune</a>. “It’s a really obvious moment in history for us to say: ‘Okay, what are our choices; what can we feasibly do; who has the better plan?’ I suspect neither party is interested in that, and it might all be pushed under the rug.”
“Toward the latter part of the decade we will have to deal with this,” he continued. “It could derail the next administration, frankly. If they come up with plans for large tax cuts or another big fiscal stimulus, the markets could rebel. Interest rates could just spike right there, and we would have a crisis in 2025. It could very well happen. I’m very confident by the end of the decade one way or another, we will be there.”
“The most important thing about debt for people to keep in mind is you need somebody to buy it. We used to be able to count on China, Japanese investors, the Fed to [buy the debt]. All those players are slowly going away and are actually now selling. &#8230; If at some moment these folks that have so far been happy to buy government debt from major economies decide, ‘You know what, I’m not too sure if this is a good investment anymore. I’m going to ask for a higher interest rate to be persuaded to hold this,’ then we could have a real accident on our hands,” Gomes stated.

President Joe Biden

Biden Wants To Raise The Minimum Corporate Tax Rate By A Whopping 40%

Donald Trump

Economy

Taxes

The Government Accountability Office said on Friday that the federal government is on an “unsustainable fiscal path,” and that it could not determine whether the federal government’s consolidated financial statements are reliable. 
Accounting problems with the Defense Department, Education Department, and other agencies have all contributed to the financial problems, according to the GAO. The office was unable to properly evaluate the financial reliability of the federal government as the national debt continues to balloon and deficit spending remains high. 
“Congress and the Administration need reliable and complete financial information, within each agency and across the government as a whole, to govern effectively and efficiently,” <a href="https://www.gao.gov/press-release/gao-unable-provide-opinion-u.s.-governments-financial-statements#:~:text=%E2%80%9CAlso%2C%20the%20federal%20government%20continues,any%20challenges%20that%20may%20occur.%E2%80%9D" target="_blank" rel="noopener">said</a> Gene Dodaro, the comptroller general of the United States and head of the GAO.
“Also, the federal government continues to operate on an unsustainable fiscal path, jeopardizing the country’s long-term position to face domestic and international challenges. The creation of a long-term fiscal plan is needed to strengthen our readiness to confront any challenges that may occur,” Dodaro added. 
According to GAO, the Defense Department is partially at fault due to “financial management problems,” while the Education Department was plagued by data problems for estimating costs of its loan programs. Additionally, problems remain with the Small Business Administration’s COVID-era relief programs and several government agencies made over $236 billion in “improper payments.”
The Pentagon has repeatedly <a href="https://www.dailywire.com/news/flagrant-disregard-for-taxpayer-funds-pentagon-fails-sixth-consecutive-audit" target="_blank" rel="noopener"> been criticized</a> over its handling of taxpayer money, failing to pass its annual financial audit for the sixth consecutive year in November. The Pentagon, which has $3.8 trillion in assets alongside $4 trillion in liabilities, <a href="https://www.defensenews.com/pentagon/2023/11/16/pentagon-fails-sixth-audit-with-number-of-passing-grades-stagnant/?utm_campaign=dfn-ebb&amp;utm_medium=email&amp;utm_source=sailthr">only had</a> seven of 30 sub-audits rated clean by auditors.
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On Thursday, the GAO released a <a href="https://www.gao.gov/products/gao-24-106987" target="_blank" rel="noopener">report</a> on the nation&#8217;s fiscal health that highlighted the federal government’s massive deficit spending. The report urged Congress to come up with a plan to address the spending and fiscal path of the United States. 
The report found that debt would reach 200% of the GDP by 2050 unless changes were made to revenue and spending policies. It also said that funding for Social Security and Medicare was expected to be depleted within ten years unless financing gaps were addressed. 
The United States’ debt now <a href="https://www.dailywire.com/news/greatest-threat-to-americas-national-security-national-debt-hits-34-trillion-for-first-time" target="_blank" rel="noopener">exceeds $34 trillion</a>, a marker it crossed in January just months after hitting $33 trillion.

Federal Government On ‘Unsustainable Fiscal Path’ That Is Jeopardizing The Country, Congressional Watchdog Says

Department of Defense

Department of Education

spending

There is a big lie that we in the United States keep telling ourselves. It is particularly true on the political Right, but it&#8217;s true across the board.
Here’s the lie: We want our government to be fiscally responsible in some way, shape, or form. It&#8217;s clearly a lie because we keep electing politicians who eschew being fiscally responsible in any way, shape, or form, regardless of who runs the government.
The spending keeps going in one direction — and that direction is up. There&#8217;s a reason we are running a $34 trillion national debt at this point in time, and it is likely that that more debt is going to continue to accrue because nobody takes this problem particularly seriously.
And they&#8217;re not going to take that problem seriously until we run smack into a wall.
That is typically how fiscal crises work: A country spends too much money. They&#8217;re unable to rein it back in because there are too many people who become dependent on that spending of the money. Then, instead of creating some sort of plan to get out of debt, people just keep running up those debts, keep running up those deficits until the time comes we have to take extremely harsh remediating action.
<h4><a href="https://www.dailywire.com/episode/ep-1888-the-big-lie-americans-tell-ourselves-member-exclusive" target="_blank" rel="noopener">WATCH: The Ben Shapiro Show</a></h4>
That is the high likelihood here. Why do I say this? Because yesterday the House Republicans, as well as the House Democrats, overwhelmingly passed yet another continuing resolution. And this is the way we now fund the government because we&#8217;re not able to actually have serious negotiations on any department level with regard to spending; we&#8217;re not able to negotiate over how much should be spent on defense or how much should be spent on education.
Instead, we wrap everything up into a ball and when we can&#8217;t get approval on a year-long budget, we go to continuing resolutions, which are the short-form budgets that continue the government spending. And we keep the drain running and the trend will run until the train runs completely off those tracks.
And by the way, the people who are telling you that the continuing resolution should have been pushed aside in favor of something harsher, in favor of a government shutdown, or in favor of a harder bargaining position with Joe Biden, are fibbing to you about the incentive structure. Unless you have a unified Republican control of the House, the Senate, and the presidency, you&#8217;re not going to get the kind of spending cuts that make it worthwhile for you to risk your seats. Because I&#8217;ll tell you what happens: You do a government shutdown, you&#8217;re going to end up passing a continuing resolution anyway, and a bunch more people are going to lose their seats.
The easiest thing in Congress is to get lost in a crowd, to simply side with an overwhelming majority of people who say status quo, “Let&#8217;s just keep doing what it is that we are doing right now.”  Internal Republican rules prevent any Republican from moving forward with a bill that does not have at least the support of the majority of Republicans. So it came very close to the wire on this particular bill.
Texas Republican Chip Roy, who does take the problem of spending seriously, was blasting everybody Right, Left, and Center about not only the spending, but also the fact that nobody in Congress seems to want to solve serious problems anymore. He wound up saying, “It doesn&#8217;t matter who&#8217;s sitting in the Speaker&#8217;s seat or who has the majority. We keep doing the same stupid stuff.”
That requires us to ask a pretty simple question: Why is it that we keep doing the same stupid stuff? Is that a matter of not having the right people in power? Or is it just that the American people refuse to recognize the reality about themselves, which is that we constantly say that we want to balance the budget; we constantly say we want to spend less money, and then as soon as there is a poll asking what we would like to cut, we all run for the hills and we have no idea what it is that we would like to cut.
The reality is, in order for any serious major change to get done, you must have unified party control over Congress, over the Senate, over the presidency, and a dedication by that party to take the hit. 
Democrats take the hits, by the way. There&#8217;s something the Democrats are good at.
Democrats took the hit in 2010. They passed Obamacare and then they got shellacked at the polls. It was an exceptionally bad midterm for them. And they jumped ahead because they knew if they could completely restructure the health care system, in the end, these would become entitlements people relied upon. They would rather take the short-term hit for the long-term gain.
When was the last time Republicans took a short-term hit for the long-term gain? The answer is they haven’t. The reason they don&#8217;t is because they&#8217;re afraid they will be tossed out of office. So it’s up to the American people to tell Washington that we actually want the spending cuts. 
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Politicians make a living by lying to you and you have a choice: Your choice is whether you like being lied to. You decide to go along with their lies or whether you don&#8217;t like being lied to. Any politician who says he can save you, save your family, or save your society by spending money here or by restructuring a program there is lying to you. 
The vast majority of choices in your life are up to you. When people rely on politicians too much, they end up shooting themselves in the foot. 
Then they buy into the next grifter who comes along and suggests he&#8217;s going to fix whatever problems are at hand.

Congress Approves Funding To Avert US Government Shutdown

The Big Lie Americans Tell Ourselves 

Chip Roy

Government Shutdown

Obamacare

U.S. House of Representatives

The combined net worth of the most prominent billionaires in the United States would not be enough to pay a single year&#8217;s interest payment on America’s ballooning national debt, which currently stands at an astonishing $34 trillion.
The combined net worth of some of America’s most prominent billionaires, Elon Musk, Jeff Bezos, Mark Zuckerberg, Bill Gates, Ken Griffin, Mark Cuban, Ray Dalio, and George Soros, adds up to approximately $726 billion according to <a href="https://www.bloomberg.com/billionaires/">data</a> compiled by the Bloomberg Billionaires Index. Meanwhile, the <a href="https://www.usdebtclock.org/#">net interest</a> on our national debt is currently at $730.8 billion, dwarfing the sum for previous years.
Interest payments on the United State’s national debt have risen sharply in recent years and remain on track to continue increasing. Net interest payments on the national debt hit a whopping $659 billion in fiscal year 2023, marking a massive 39% jump from 2022, when the government paid $475 billion in interest on the national debt.
The comparison signifies that increased taxation suggested by Democrats isn&#8217;t a viable path towards erasing the national debt, especially as interest payments pile up. The United States collected <a href="https://fiscaldata.treasury.gov/americas-finance-guide/government-revenue/#:~:text=In%20fiscal%20year%202022%2C%20federal,States%20that%20year%20%244.44%20trillion.">$4.4 trillion</a> in federal taxes in fiscal year 2023, up from $4.19 trillion in fiscal year 2022, yet the debt increased by more than $2 trillion.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
The ANNUAL INTEREST on the National Debt is now $730,000,000,000+ (BILLION)
If Feds stole every penny from combined net worth of <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a>, <a href="https://twitter.com/JeffBezos?ref_src=twsrc%5Etfw">@JeffBezos</a>, <a href="https://twitter.com/BillGates?ref_src=twsrc%5Etfw">@BillGates</a>, Zuckerberg, Ken Griffin, Ray Dalio, George Soros &amp; <a href="https://twitter.com/mcuban?ref_src=twsrc%5Etfw">@mcuban</a> &#8230;
It wouldn&#39;t fulfill one INTEREST payment! <a href="https://t.co/Mh3SQ3zPzK">pic.twitter.com/Mh3SQ3zPzK</a>
&mdash; Rob Lockwood (@RobLockwood) <a href="https://twitter.com/RobLockwood/status/1747344900171988997?ref_src=twsrc%5Etfw">January 16, 2024</a></blockquote>
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The debt interest payments continued to spike in October 2023, the first month of fiscal year 2024, when the government paid $76 billion on the national debt interest. The figure marked a shocking 77% increase from October 2022 when the government paid $43 billion on the interest.
Interest payments on the national debt are <a href="https://www.cnn.com/2023/11/16/politics/interest-payments-federal-government-debt/index.html">poised</a> to reach an astonishing $1.4 trillion in just under a decade in fiscal year 2033, surging even higher to a projected $5.4 trillion in fiscal year 2053.
The projected growth does not just mark an increase in raw numbers, but also an increase relative to the size of the American economy. While the payments in fiscal year 2022 accounted for 1.9% of the United States gross domestic product (GDP), they are projected to account for 3.2% and 6.7% of GDP in 2030 and 2053 respectively. 
The national debt itself is also set to reach new highs in coming years, currently on a trajectory to reach <a href="https://www.usdebtclock.org/current-rates.html">over $46 trillion</a> by 2028 at a ratio of over $300,000 in debt for every American taxpayer.

Elon Musk Joe Biden

The Eye-Popping Interest Payment Spike On Our National Debt

The U.S. national debt rose to a staggering $34 trillion for the first time last week, just three months after it surpassed $33 trillion, according to data published by the Treasury Department. 
Along with the steady increase in America’s national debt, the federal government’s borrowing costs on the debt are expected to triple over the next decade, according to the Committee for a Responsible Budget, Fox Business <a href="https://www.foxbusiness.com/politics/us-national-debt-tops-34t-first-time-history">reported</a>. Debt payments could rise from the current $475 billion to $1.4 trillion by fiscal year 2032 and $5.4 trillion by 2053. For comparison, in fiscal year 2022, the U.S. <a href="https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet#:~:text=Medicare%20spending%20grew%205.9%25%20to,18%20percent%20of%20total%20NHE.">spent</a> $944 billion on Medicare, $805 billion on Medicaid, and $1.2 trillion on <a href="https://finance.yahoo.com/news/social-security-much-money-ssa-131133767.html#:~:text=About%20one%2Dfifth%20(21%25),of%20any%20U.S.%20government%20program.">Social Security</a>.
“The national debt is the greatest threat to America’s national security, and the current addiction to reckless spending cannot be sustained,” <a href="https://twitter.com/SpeakerJohnson/status/1742379468004409671" target="_blank" rel="noopener">said</a> House Speaker Mike Johnson (R-LA). “Lawmakers from both sides of the aisle have a responsibility to reduce spending and finally put America on path towards fiscal sanity.”
The national debt is equal to $100,000 for every adult and child in the U.S., and the debt-to-GDP ratio is the highest it has been since right after World War II, Mississippi State Auditor Shad White <a href="https://twitter.com/shadwhite/status/1742564146057551974">said</a>. 
Responding to news of the national debt’s new record, the White House blamed Republicans, claiming that tax breaks for corporations have “overwhelmingly” led to the increase in debt. 
&#8220;This is the trickle-down debt — driven overwhelmingly by repeated Republican giveaways skewed to big corporations and the wealthy,&#8221; said White House Assistant Press Secretary Michael Kikukawa in a statement to Fox Business. Kikukawa added that Biden has a plan to cut the deficit by $2.5 trillion by “making the wealthy and big corporations pay their fair share and cutting wasteful spending on special interests.” 
The Biden administration was also on the receiving end of criticism for its fiscal policy. Sen. Rick Scott (R-FL) slammed Biden for “destroying our country with his reckless spending.”
“It took @JoeBiden just 105 days (Sept. 15-Dec. 29) to dig American taxpayers another TRILLION deeper into debt. When Biden took office, the national debt was $27 trillion. Today it&#8217;s $34 trillion,” Scott <a href="https://twitter.com/SenRickScott/status/1742559572496114172">posted</a> on X. 
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The national debt has increased under each president since Calvin Coolidge, with the <a href="https://www.usatoday.com/money/blueprint/banking/national-debt-by-president/">largest</a> percentage increases coming under Presidents Franklin D. Roosevelt, Ronald Reagan, George W. Bush, and Barack Obama.  
Congress has just weeks to agree on <a href="https://www.cnn.com/2024/01/03/economy/us-national-debt-34-trillion/index.html">new</a> department budgets after the House and Senate <a href="https://www.dailywire.com/news/johnson-led-house-passes-bill-to-avert-government-shutdown-with-dem-support">passed</a> a stopgap spending bill in November, averting a government shutdown.

U.S. Department of the Treasury

‘Greatest Threat To America’s National Security’: National Debt Hits $34 Trillion For First Time

Biden Administration

Treasury Department

White House

There are a lot of threats facing America these days.
One is the threat of fiscal collapse.
Mid-to-long-term, America’s economic system is increasingly unsustainable. We’re running a $33 trillion national debt; our actual national debt, including unfunded liabilities, runs another $80 trillion over the next 75 years. Virtually all of those figures are driven by Medicare and Social Security shortfalls. This means, sooner or later, we’re going to have to radically increase taxes, cut benefits, or inflate our currency.
Another threat is the threat of foreign aggression.
The United States is lucky in that we are surrounded by an ocean on one side, Mexicans to the South, and Canadians to the North.
But that doesn’t mean we’re invulnerable. As the world becomes a more dangerous place — as American power recedes — we will feel that everywhere from our pocketbook to our military budget. American hegemony has created a global economy which has paid off for the American consumer in extraordinary ways. That can easily be reversed — and indicators are, it will be.
A third thread is the threat of internal moral collapse.
Indeed, this threat is the chief factor behind the first two threats. As our communities die, our local institutions lose credibility and loyalty, we stop having children, and our economy turns upside down. The government grows, but the population that has to fund it doesn’t; government spending increases, but the population supporting it doesn’t. As the post-American future takes hold at home, it will similarly take hold abroad, with our enemies ready to fill the gap.
<h4><a href="https://www.dailywire.com/episode/ep-1862-democrats-run-against-whiteness-and-christian-nationalism-member-exclusive" target="_blank" rel="noopener">WATCH: The Ben Shapiro Show</a></h4>
That last threat is the truly frightening one.
It is the reason for America’s polarized politics: We once shared basic values, particularly at the local level, but now, those values have fallen away, replaced with hatred and rage at Christians and white Americans.
Take, for example, James Carville. Carville is a Clintonian political voice and a person who has routinely urged the Democratic Party to move away from its most extreme and radical positions, understanding they are electoral poison. But now, he has apparently decided that the Republican Party in general is a threat to the United States — that it is a Christian nationalist party.
What does he mean by that term? Apparently, he doesn’t mean that many Republicans prefer to see a revitalized church at the center of American life, a proposition with which I wholeheartedly agree as an Orthodox Jew. No, he means the Republican Party is — in the words of far-Left Daily Kos founder, Markos Moulitsas — an American Taliban.
Carville <a href="https://twitter.com/JCNSeverino/status/1731684523040014751" target="_blank" rel="noopener">said</a> on Bill Maher’s show on Friday night, “(House Speaker) Mike Johnson and what he believes is one of the greatest threats we have today to the United States. I know these people. (Christian nationalists). This is a bigger threat than Al Qaeda to this country. … They have the Speaker of the House; they got at least two Supreme Court Justices, maybe more. Don’t kid yourself.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Unhinged:
Democratic strategist James Carville claimed that Speaker Mike Johnson and “at least two Supreme Court justices” are Christian nationalists who represent a bigger threat to the United States than Al-Qaeda terrorists. <a href="https://t.co/hANiHUcBpB">pic.twitter.com/hANiHUcBpB</a>
&mdash; Carrie Severino (@JCNSeverino) <a href="https://twitter.com/JCNSeverino/status/1731684523040014751?ref_src=twsrc%5Etfw">December 4, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Now, this is truly nutty stuff. In Carville’s view, two Supreme Court justices and the Speaker of the House are leading the charge for a Christian theocracy. And they are a bigger threat than the terrorist group responsible for September 11.
Carville isn’t the only Democratic voice who sees traditional Republicans as the enemy. There is also grifter extraordinaire Ibram X. Kendi, who says his fellow Americans are generally white supremacists.
This, apparently, will be the Democratic Party’s campaign in 2024: Republicans are Christian theocrats and white supremacists. The entire Republican Party is dominated by a desire for white Christian fascism — or something like that.
The response, presumably, would be an alliance of the secularists and people of color. Not shockingly, that’s precisely the coalition the Democratic Party seems to be wooing.
And they are doing so with ugly scare tactics.
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That’s why the Atlantic is dedicating its first issue of 2024 to suggesting that a vote for Donald Trump in 2024 is a vote for a fascist regime. A note from official Obama jockstrap-carrier Jeffrey Goldberg, editor of the rag, reads, “I encourage you to read all of the articles in this special issue carefully (though perhaps not in one sitting, for reasons of mental hygiene). Our team of brilliant writers makes a convincingly dispositive case that both Trump and Trumpism pose an existential threat to America and to the ideas that animate it.”
Yes, according to the Atlantic, if you vote for Trump, you have handed away America’s future.
This sort of messaging is being promoted by Republicans experiencing “Strange New Respect™” (i.e., the respect you receive when you start mimicking Democratic lines), like Liz Cheney, who is mirroring the <a href="https://www.cbsnews.com/news/liz-cheney-tells-cbs-news-sunday-morning-that-the-u-s-is-sleepwalking-into-a-dictatorship/" target="_blank" rel="noopener">doom-mongering</a> of the Left.
Ironically, this very alarmism is one of the root threats to America. 
Countries in which both sides start speaking about how the next election is the last election — about how their political opponents, if they win, mean the end of the country — are in serious danger. That sort of scaremongering may get out votes, but it also sets the house on fire in the name of saving the house. 
Understand, I want Joe Biden to lose. I think he is a terrible president doing dangerous things that will be difficult to rectify. But the end of America is not nigh in 2024 — not unless, ironically, everyone keeps saying it is. The closer both sides draw to the abyss — the more each party says the next election is the last election — the more that fantasy draws closer to reality.
And that is a true threat to the Republic.
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Screenshot 2023-10-26 at 12.39.35 PM copy

Democrats Run Against ‘Whiteness’ And ‘Christian Nationalism’

Democrats Run Against 'Whiteness' And 'Christian Nationalism'

Christians

MAGA

U.S. Military

White Supremacy

Whiteness

The <a href="https://www.dailywire.com/topic/u-s-senate" target="_blank" rel="noopener">Senate</a> passed a short-term spending bill on Wednesday night that will continue to fund the government at current levels until early 2024. 
The bill, which was first passed in the House with Democrat support, passed in the Senate 87-11. The bill was criticized by some Republicans as it contained no spending cuts and maintained the spending status quo. 
&#8220;Keeping the government is a good outcome, of course, but we have a lot more work to do after Thanksgiving,&#8221; Senate Majority Leader Chuck Schumer (D-NY) <a href="https://www.nbcnews.com/politics/congress/live-blog/government-shutdown-bill-senate-live-updates-rcna125326" target="_blank" rel="noopener">said</a> in a speech after the vote. “I know both sides genuinely care about approving aid to Israel and Ukraine and helping innocent civilians in Gaza. So I hope we can come to an agreement even if neither side gets everything they insist on.&#8221; 
In the House, the stopgap <a href="https://www.dailywire.com/news/johnson-led-house-passes-bill-to-avert-government-shutdown-with-dem-support" target="_blank" rel="noopener">spending bill passed</a> 336-95, with 209 Democrats and 127 Republicans voting for it. Schumer praised the House for not working with the “hard right” and voting to continue government funding. 
&#8220;Obviously, the Republican-led House needed Democratic votes to avoid a shutdown, and I was pleased to see that the speaker was willing to work with Democrats and resisted the siren song of the hard right in the House,&#8221; he <a href="https://www.foxnews.com/politics/schumer-good-night-american-people-senate-passes-bill-averting-government-shutdown" target="_blank" rel="noopener">said</a>. &#8220;And if that continues, we can avoid further shutdowns and finish the work of funding the government.&#8221;
Ten Senate Republicans and Colorado Democratic Sen. Michael Bennet voted against the bill.
The Republicans who <a href="https://twitter.com/ChadPergram/status/1725005666878714176" target="_blank" rel="noopener">voted against</a> it were Sen. Marsha Blackburn (TN), Sen. Mike Braun (IN), Sen. Mike Crapo (ID), Sen. Mike Lee (UT), Sen. Tommy Tuberville (AL), Sen. Rand Paul (KY), Sen. James Risch (ID), Sen. Eric Schmitt (MO), Sen. Rick Scott (FL), and Sen. J.D. Vance (OH). 
An amendment by Paul to cut spending and funding for the IRS was <a href="https://www.senate.gov/legislative/LIS/roll_call_votes/vote1181/vote_118_1_00311.htm" target="_blank" rel="noopener">defeated</a> 65-32. The amendment would have reduced “continuing funding by 15 percent, except for the Department of Defense, military construction, and the Department of Veterans Affairs and to rescind $30,000,000,000 from enforcement funds provided to the Internal Revenue Service.”
After passage of the continuing resolution in the House on Tuesday, some Republicans in the House <a href="https://www.dailywire.com/news/house-republicans-help-block-spending-bill-after-bipartisan-stopgap-passes" target="_blank" rel="noopener">have blocked passage</a> of additional spending bills, saying that conservative voters did not want them to continue to kick spending reform down the road. 
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In September the U.S. national <a href="https://www.dailywire.com/news/u-s-credit-rating-changed-from-stable-to-negative-as-national-debt-balloons" target="_blank" rel="noopener">debt </a>eclipsed $33 trillion, and is expected to exceed $50 trillion by 2033. 
House Speaker Mike Johnson (R-LA) said that the two-step continuing resolution that <a href="https://www.congress.gov/bill/118th-congress/house-bill/6363">funds certain federal agencies</a> through the middle of January while others would get money through early February was necessary. 
“This two-step continuing resolution is a necessary bill to place House Republicans in the best position to fight for conservative victories. The bill will stop the absurd holiday-season omnibus tradition of massive, loaded up spending bills introduced right before the Christmas recess,” he <a href="https://twitter.com/SpeakerJohnson/status/1723443749668184161" target="_blank" rel="noopener">said</a>. “Separating out the CR from the supplemental funding debates places our conference in the best position to fight for fiscal responsibility, oversight over Ukraine aid, and meaningful policy changes at our Southern border.”
Editors Note: A previous version of this article incorrectly said that Sen. Markwayne Mullin voted against the stopgap spending bill. He voted for it.

Senate Takes Up Funding Bill After House Passage

Senate Overwhelmingly Votes To Continue Government Funding With No Spending Cuts

The U.S. credit rating was given a negative outlook by Moody’s Investor Service in part due to the ballooning <a href="https://www.dailywire.com/topic/national-debt" target="_blank" rel="noopener">U.S. debt</a>. 
Moody’s, a global credit rating provider, made the projection on Friday, changing its assessment of the American credit from stable to negative. The news comes as spending and inflation have remained high throughout the Biden administration. 
“In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” Moody’s <a href="https://www.cnbc.com/2023/11/10/moodys-cuts-usa-outlook-to-negative-citing-higher-interest-rates-and-deficits.html" target="_blank" rel="noopener">said</a> in a statement. “Moody’s expects that the U.S.’ fiscal deficits will remain very large, significantly weakening debt affordability.”
The rating’s agency also said the decision was based in part on political polarization. 
“Continued political polarization within U.S. Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability,” Moody’s said. 
The Biden administration, which has pushed massive green energy and Ukraine spending packages, pinned the blame on Republicans.
“Moody’s decision to change the U.S. outlook is yet another consequence of congressional Republican extremism and dysfunction,” White House Press Secretary Karine Jean-Pierre <a href="https://www.nytimes.com/2023/11/10/business/moodys-negative-credit-outlook.html" target="_blank" rel="noopener">said</a>. 
Deputy Treasury Secretary Wally Adeyem claimed that the American economy remained “strong,” disagreeing with Moody’s decision. 
House Speaker Mike Johnson (R-LA) <a href="https://twitter.com/SpeakerJohnson/status/1723170118417404352" target="_blank" rel="noopener">said</a> that Moody’s actions were a result of the “Democrats reckless spending agenda.”
“Our $33.6 trillion debt is unsustainable and poses a danger to our national security and economy,” Johnson said. “Meanwhile, the runaway inflation and soaring interest rates that have been the cornerstone of &#8216;Bidenomics&#8217; have hammered families&#8217; pocket books and made the Treasury&#8217;s costs for borrowing spiral out of control.”
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“This is why the Administration and their congressional allies have lost the faith of the American people,” Johnson added, saying that Republicans were working to restore fiscal restraint to Congress. 
In September the U.S. national debt <a href="https://www.dailywire.com/news/us-national-debt-surpasses-33t-for-first-time-in-history" target="_blank" rel="noopener">eclipsed $33 trillion</a>,  just months after it hit $32 trillion in mid-June. 
“Instead of hearing about solutions, we hear promises of which programs our leaders are unwilling to touch and which taxes they are unwilling to raise,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said. “That kind of talk is not only pandering, but it’s also downright irresponsible when we have a mess like this on our hands.”
Recent <a href="https://finance.yahoo.com/news/us-government-debt-track-surpass-042125090.html#:~:text=US%20public%20debt%20outstanding%20currently,investment%20strategist%20Michael%20Hartnett%20said." target="_blank" rel="noopener">projections estimate</a> that the U.S. debt will exceed $50 trillion by 2033

President Biden Delivers Remarks To UAW Autoworkers In Illinois

U.S. Credit Rating Changed From ‘Stable’ To ‘Negative’ As National Debt Balloons

Karine Jean-Pierre

Mike Johnson

America&#8217;s gross national debt surpassed $33 trillion for the first time in U.S. history on Monday as Washington, D.C., faces a potential government shutdown over federal spending.
Data reportedly published by the Treasury Department showed the national debt — which measures how much the federal government owes security holders — hit $33.04 trillion, just months after it eclipsed $32 trillion in mid-June.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a <a href="https://www.crfb.org/press-releases/national-debt-reaches-33-trillion-adds-1-trillion-debt-3-months" target="_blank" rel="noopener">news release</a> that the latest numbers reached &#8220;a new milestone that no one will be proud of.&#8221;
&#8220;Debt held by the public, meanwhile, recently surpassed $26 trillion,&#8221; MacGuineas said. &#8220;We are becoming numb to these huge numbers, but it doesn&#8217;t make them any less dangerous.&#8221;
The Congressional Budget Office confirmed last week that the underlying deficit would likely double from last fiscal year to this one, according to MacGuineas. The office reportedly <a href="https://fortune.com/2023/09/18/janet-yellen-national-debt/" target="_blank" rel="noopener">warned</a> in June that high interest rates and rising national debt could make net interest payments spike to 6.7% of GDP by 2053, according to Fortune.
&#8220;Instead of hearing about solutions, we hear promises of which programs our leaders are unwilling to touch and which taxes they are unwilling to raise,&#8221; she said. &#8220;That kind of talk is not only pandering, but it&#8217;s also downright irresponsible when we have a mess like this on our hands.&#8221;
The announcement comes as House Republicans proposed a short-term plan on Sunday that would temporarily fund the government through October 31 to avoid a shutdown and impose an 8% spending cut on federal agencies, excluding defense funding, veterans affairs, and disaster relief, <a href="https://www.foxbusiness.com/economy/us-national-debt-hits-33t-first-time-history" target="_blank" rel="noopener">according</a> to Fox Business.
But the measure received opposition from fellow GOP lawmakers while Democrats are unlikely to support it.
Michael A. Peterson, the chief executive of the budget watchdog group Peter G. Peterson Foundation, raised the alarm of a looming federal crisis.
&#8220;As we have seen with recent growth in inflation and interest rates, the cost of debt can mount suddenly and rapidly,&#8221; Peterson said, <a href="https://www.nytimes.com/2023/09/18/us/politics/us-national-debt.html" target="_blank" rel="noopener">according</a> to The New York Times. &#8220;With more than $10 trillion of interest costs over the next decade, this compounding fiscal cycle will only continue to do damage to our kids and grandkids.&#8221;
Mark Spitznagel, founder of the hedge fund Universa Investments, told Fortune in August that we&#8217;re living through the &#8220;greatest credit bubble in human history&#8221; after warning of a potential impact from the debt increase.
&#8220;We&#8217;ve never seen anything like this level of total debt and leverage in the system,&#8221; Spitznagel said. &#8220;It&#8217;s an experiment. But we know that credit bubbles have to pop. We don&#8217;t know when, but we know they have to.&#8221;
U.S. Treasury Secretary Janet Yellen <a href="https://www.cnbc.com/2023/09/18/first-on-cnbc-cnbc-transcript-united-states-treasury-secretary-janet-yellen-speaks-with-cnbcs-sara-eisen-on-squawk-on-the-street-today.html" target="_blank" rel="noopener">told</a> CNBC on Monday that she isn&#8217;t worried about the staggering debt, claiming that the net interest as a share of GDP remains under control by the federal government.
&#8220;And even with the rise we have seen in interest rates, that remains at a very reasonable level,&#8221; Yellen said, admitting that U.S. officials need to be careful about spending going forward in order to stay on this &#8220;sustainable course.&#8221;
&#8220;Certainly, greater deficit reduction is possible,&#8221; she added. &#8220;The President has proposed a series of measures that would reduce our deficits over time while investing in the economy, and this is something we need to do going forward.&#8221;
President Joe Biden <a href="https://www.dailywire.com/news/biden-signs-bill-to-increase-debt-ceiling-avoid-federal-default" target="_blank" rel="noopener">signed</a> the Fiscal Responsibility Act in June that will suspend the debt limit until January 2025 and implement restraints on spending that the Congressional Budget Office estimated would reduce budget deficits by $1.5 trillion over the next decade.

US-POLITICS-ECONOMY-DEBT

US National Debt Surpasses $33T For First Time In History

Janet Yellen

Washington D.C.

President <a href="https://www.dailywire.com/topic/joe-biden" target="_blank" rel="noopener">Joe Biden</a> signed a bill into law on Saturday to avoid a default on the federal government’s debt by raising the <a href="https://www.dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a>.
The bill, known as the Fiscal Responsibility Act, <a href="https://www.dailywire.com/news/senate-passes-debt-ceiling-bill-to-avert-default-ahead-of-x-date" target="_blank" rel="noopener">will suspend</a> the debt limit until January 2025 and implement restraints on spending that the Congressional Budget Office estimated would reduce budget deficits by $1.5 trillion over the next decade. 
“I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our [sacred] obligation to our veterans,” Biden said on Twitter. “Now, we continue the work of building the strongest economy in the world.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans.   Now, we continue the work of building the strongest… <a href="https://t.co/42HIFBy8Y9">pic.twitter.com/42HIFBy8Y9</a>
&mdash; President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1665060615000322050?ref_src=twsrc%5Etfw">June 3, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The bill was hashed out through a deal between House Speaker <a href="https://www.dailywire.com/topic/kevin-mccarthy" target="_blank" rel="noopener">Kevin McCarthy</a> (R-CA) and Biden. It passed both the House and the Senate with more Democrat votes in favor than Republican, with some conservative lawmakers saying that it didn’t cut down on spending enough. 
In the House, 149 Republicans joined 165 Democrats in <a href="https://www.dailywire.com/news/house-passes-mccarthy-biden-debt-ceiling-compromise-bill" target="_blank" rel="noopener">voting for</a> the bill, while in the Senate 17 Republicans joined 46 Democrats in supporting the measure. 
The bill was supported by leadership in both parties, including Senate Majority Leader Chuck Schumer and McCarthy in the House. 
“We prevented a catastrophic default that would have decimated our economy and [inflicted] immense pain on families,” Schumer <a href="https://twitter.com/SenSchumer/status/1664470685224140801" target="_blank" rel="noopener">tweeted</a>. “We preserved the lion’s share of the historic investments we made. We took off the table the worst parts of the MAGA Republican plan that would have hurt families.”
The bill was <a href="https://www.dailywire.com/news/a-disaster-republican-senators-voice-opposition-to-mccarthy-biden-debt-ceiling-deal" target="_blank" rel="noopener">strongly opposed</a> by many Republican senators, including Sen. Mike Lee (R-UT) and Sen. Rand Paul (R-KY). 
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“I think the Biden-McCarthy debt deal is a disaster for the country. It does not significantly change the trajectory of the debt. Each year we’ll spend more money and the debt will grow $4 trillion in two years. It’s not very conservative,” Paul <a href="https://www.kktv.com/video/2023/05/31/sen-rand-paul-reacts-deal-debt-ceiling/">told</a> reporters this week.
In the House, the bill was opposed by many in the House Freedom Caucus, who took issue with many aspects of the deal, including the provision that punts the debt ceiling into 2025. 
McCarthy declared the deal a win for conservatives. “Maybe it doesn’t do everything for everyone, but this is a step in the right direction that no one thought that we would be able to today,” <a href="https://www.dailywire.com/news/speaker-kevin-mccarthy-touts-wins-conservatives-secured-in-tentative-debt-ceiling-agreement" target="_blank" rel="noopener">McCarthy said</a>. “I’ll debate this bill with anybody. Is it everything I wanted? No, because we don’t control all of it. But it is the biggest rescission in history. It is the biggest cut Congress has ever voted for in that process.”

President Biden Addresses The Nation On Averting Default And The Bipartisan Budget Agreement

Biden Signs Bill To Increase Debt Ceiling, Avoid Federal Default

Debt Ceiling

Freedom Caucus

Kevin McCarthy

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