“Washington is broken,” Mace tweeted in announcing her opposition to the compromise. “Republicans got outsmarted by a president who can’t find his pants. I’m voting NO on the debt ceiling debacle because playing the D.C. game isn’t worth selling out our kids and grandkids.”
According to the second-term lawmaker, the agreement “normalizes record high spending started during the pandemic (and) sets these historically high spending levels as the baseline for all future spending.”
“Government grew massively over the past three years,” Mace added. “This growth was supposed to be emergency funding only during Covid-19. During this time, government grew 40 percent or by $2 trillion from 2019 to 2023. We went from spending just over $4 trillion to spending just over $6 trillion.”
And you know what they say … a trillion here, a trillion there.
Oh, and “nothing is so permanent as a temporary government program,” to borrow a line from the late, great Milton Friedman.
“This deal keeps that record high spending intact and makes it the baseline for all spending,” Mace continued. “Wild.”
Mace’s decision puts her at odds with House speaker Kevin McCarthy, her longtime ally. McCarthy backed Mace in her two victorious congressional elections, and she supported him in his chaotic bid for speaker against a conservative revolt.
McCarthy and Biden reached their agreement over the Memorial Day weekend, but if Mace’s rebuke is any indication the compromise is already in serious trouble.
“Either Kevin’s bill is going to lose a lot of Republicans or this is the DC equivalent of boiling a pet bunny,” one Washington, D.C. operative told me this week.
McCarthy opponent Ralph Norman has already said he will vote against the legislation, referring to it as “insanity.”
“Not gonna vote to bankrupt our country,” he wrote. “The American people deserve better.”
(Click to view)
Mace and Norman’s points are well-taken, though. Raising the debt limit cannot happen in a vacuum. It must be accompanied by spending cuts. Unfortunately, the compromise reached by Biden and McCarthy “fully funds every spending request by the administration” and fails to enact substantive cuts.
“Sixty-three percent of Americans want congress to cut spending as part of a debt ceiling deal,” Mace said. “This bill doesn’t do that. Unacceptable.”
Mace is referring to a recently released survey from The Associated Press and the NORC Center for Public Affairs Research.
Biden has said congress has no choice but to raise the debt ceiling.
“The agreement prevents the worst possible crisis – a default for the first time in our nation’s history, an economic recession, retirement accounts devastated, millions of jobs lost,” he said over the weekend.
(Click to view)
Meanwhile, McCarthy has praised the deal as securing a “historic series of wins worthy of the American people.”
It won’t help him sell the deal to his reluctant caucus, but McCarthy won praise from Biden – who told reporters the GOP speaker “negotiated with me in good faith.”
“He kept his word,” Biden said. “He said what he would do. He did what he said he would do.”
Unfortunately, all of that “good faith” negotiation does absolutely nothing to put a dent into America’s $31.8 trillion debt.
According to the latest report (.pdf) from the U.S. Treasury, the borrowing costs related to America’s rising tide of red ink eclipsed $475 billion during the recently concluded fiscal year – up from $352 billion the previous fiscal year. Those payments are projected to top $1 trillion annually during the coming decade – inviting what former U.S. congressman Ron Paul has called “the mother of all economic crises.”
ABOUT THE AUTHOR …
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and seven children.
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