Posted BY: Robert A. Taft
A CNN poll revealed that 60 percent of Americans wanted meaningful cuts before a debt limit rise. Another 15 percent wanted the United States to default. Only 25% wanted the debt ceiling raised unconditionally.
The concern was that the United States would default on its debt. This was a fearmongering falsehood. Treasury Secretary Janet Yellen never produced actual numbers, and she changed the default date several times. The truth of the matter is that the federal revenue cash flow easily would easily have covered all debt payments while temporarily delaying some contact payments.
Nonetheless in an overwhelming bipartisan vote (the House — 314 to 117, and Senate — 63 to 36), Congress voted to give President Biden unlimited spending for the remainder of his term.
Even the New York Times declared that the new debt limit bill will not save a penny or cut a dime from government spending. Over the next two years, Biden will have access to $14 trillion of new spending, $4 trillion that will not be covered by tax and revenue income. The Congressional Budget Office estimates the bill will save $2.1 trillion over six years, but since there are no statutory caps in place, the 2.1 trillion is fiction. In fact, supplemental requests for natural disasters and the Ukraine war will add to the $14 trillion.