LETTER: Republicans again trot out Big Lie about debt ceiling
It has nothing to do with spending.
January 20, 2023 - 9:00 pm
It’s time to raise the federal debt limit and, once again, it’s time for the great Republican lie about raising the debt ceiling. The lie is that the debt ceiling is somehow related to spending. It is told to convince the uninformed and gullible that raising the debt ceiling will allow the national debt, and spending, to increase.
Truth is, the debt ceiling has has nothing to do with spending and everything to do with the amount of money that the United States can borrow in order to repay the interest on our debts.
The United States has accumulated massive debts from things such as unfunded wars and GOP tax cuts for the rich (no new revenue to pay for the cost). As much as the conservatives hate to hear it, passing big spending legislation without paying for it has contributed to the overall size of the national debt.
It’s like paying down your credit card after making a purchase. If you don’t make your payment, the credit agency will lower your credit rating and not extend any more credit. Spending will not increase if the debt ceiling is raised, but the United States will lose standing with its creditors if payments are not made to the outstanding debts. The U.S. credit rating for has already been lowered. That is like a slap in the face to this country.
Raising the debt limit allows us to pay our bills. Only Congress can authorize new spending. The economies of the rest of the world rise and fall on the U.S. economy. Destroying our credit by refusing to raise the debt limit not only hurts the United States, it hurts the rest of the world that depends on the U.S. economy as well.