National Debt Surpasses $20 Trillion.
On September 8, the same day that President Trump signed a bill into law that suspended the debt ceiling and enabled unlimited federal borrowing, the national debt reached and exceeded $20 trillion.
It's not as though it was much better before September 8, however, as the debt ceiling has been sitting comfortably at approximately $19.8 trillion since March. However, as a result of President Trump's deal with the Democrats that raised the debt ceiling and also provided federal aid to the victims of the recent hurricanes, the Treasury Department was able to begin immediately borrowing money following months of being forced to use "extraordinary measures" to avoid exceeding the debt ceiling.
Under President Trump's deal with the Democrats, the federal government will not have any spending cap until December 8, when a new debt ceiling will be put into effect.
President Trump taunted Republicans following his deal with the Democrats with a tweet in which he ultimately blamed the GOP for forcing his hand and compelling him to reach across the aisle: "Republicans, sorry, but I've been hearing about Repeal & Replace for 7 years, didn't happen! Even worse, the Senate Filibuster Rule will never allow the Republicans to pass even great legislation. 8 Dems control--will rarely get 60 (vs. 51) votes. It is a Repub Death Wish ..."
GOP leadership could have refused to bring up his deal for a vote, but the legislation passed quickly in the House and Senate with overwhelming bipartisan support.
President Trump has now vocalized support for getting rid of the debt ceiling altogether. "For many years people have been talking about getting rid of the debt ceiling altogether and there are a lot of good reasons to do that," Trump said. "So certainly that is something that could be discussed."
Without being prepared to tackle the government's spending problem, particularly as it relates to Social Security, Medicare, and Medicaid, or cutting spending by reducing the size of the federal government or ending overseas expenditures, there is no way the United States can ever reduce its national debt.
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|Title Annotation:||Inside Track|
|Publication:||The New American|
|Date:||Oct 9, 2017|
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