U.S. Rep. Gary Palmer (R-Hoover) on Wednesday issued a grave assessment regarding the ever-increasing national debt, which is inching closer to $30 trillion with each passing day.
The failure of the federal government to address the rapidly growing financial burden of public debt has drawn immense criticism from fiscal conservatives in both chambers of Congress.
House Speaker Nancy Pelosi (D-CA) called the lower chamber into a single-day session to consider extending the nation’s debt limit, which resulted in Democrats successfully passing a short-term measure to increase the amount of debt the federal government can incur into early December.
Progressives cite the need for the nation to meet its outstanding debt obligations as a reason to increase the federal government’s borrowing capacity. In contrast, conservatives see the situation as an opportunity to enact reforms that will slow the mass accumulation of public debt.
Palmer, taking exception to Democrats’ ambitious spending agenda, cited the party’s efforts to pass an infrastructure bill and reconciliation package which totals over $5.2 trillion in federal spending.
“Democrats just raised the debt limit while also trying to pass the most expensive piece of legislation in the history of the United States,” Palmer said. “We are already at a point where U.S. debt is at 125 percent of our GDP (Gross Domestic Product). This means that our debt is now 25 percent larger than the entire U.S. economy.”
He added, “The debate over raising the debt limit should have been a pause point to allow Democrats and Republicans to work together to deal with our unsustainable debt. The reckless disregard for our debt crisis has become a national security threat, and it is undermining the security and well-being of the current and future generations.”
The House GOP Policy Committee chairman believes should Democrats emerge successful in passing a multi-trillion-dollar spending initiative, the move would prove to be detrimental to the nation’s future.
“Instead of increasing the debt limit while trying to spend over $5 trillion more, Congress should be working to craft legislation focused on growing our economy, ensuring our energy security, creating jobs, and finding every reasonable way to reduce our debt, which has become a major threat to the future of all Americans,” concluded Palmer.
Dylan Smith is a staff writer for Yellowhammer News. You can follow him on Twitter @DylanSmithAL