This is Headline of the Day from New York Times:
First, it’s a lie that even hit our debt limit. That doesn’t happen for at least four or five months. So stop fearmongering.
Second, yes, the Biden spending binge that has added $4 trillion to the national debt absolutely should be raising “economic fears.” It’s almost as if we have a gang of people who escaped from the looney asylum running our nation’s fiscal policy – like a scene out of a Batman movie.
But the NYTimes doesn’t mean that the $31 trillion debt is the crisis. They mean that we finally have a gang of fiscally-sane people in the House who won’t raise the debt ceiling without a plan with a runway to a balanced budget.
In the Democrats’ and the media’s financial fantasy land, the people who are trying to stop the spending and borrowing binge – those people – are the villains in this story. And the people who ran the debt into the stratosphere are our level-headed saviors.
It gets worse, House Assistant Democratic Leader Jim Clyburn and many of his colleagues now want to abolish the debt ceiling altogether. They want Uncle Sam to have an unlimited credit card forever. Get rid of any speed bumps. We’ll be good. We promise.
As we’ve said before, the House Republicans cannot blink in this Mexican standoff.
We like Kevin Hassett’s idea of $3 of spending cuts for every $1 of raising the debt ceiling.
Remember, the debt is headed to 200% of our annual GDP (and then to infinity) if we do nothing.