As the debt limit deadline looms, it’s crucial for us to recognize the opportunity it presents to restore fiscal responsibility. Sadly, President Biden has shown little interest in curbing his tax and spending sprees, which have only worsened our debt and deficits, plunging our economy into pain and uncertainty.
The White House is shamelessly demanding that Congress raise the debt limit without any preconditions. While Biden claims it’s about “paying our bills,” his administration is actively trying to add hundreds of billions to our already bloated tab. Let’s not forget the outrageous student loan schemes proposed by the Biden administration, estimated to cost taxpayers a whopping $600 billion, according to the Congressional Budget Office.
This week, the Senate will take a significant step by voting on our Congressional Review Act (CRA) resolution of disapproval, designed to block President Biden’s loan transfer and repayment pause. It’s crucial to understand that Biden’s so-called student debt “forgiveness” plan doesn’t actually forgive or cancel debt.
It merely shifts the burden from those who willingly took out loans for college to those who decided against pursuing higher education or have already responsibly paid off their loans. It’s both irresponsible and unfair to make these taxpayers responsible for others’ debts.
The CBO estimates that this blanket debt transfer will cost a staggering $400 billion, with a significant portion benefiting wealthier families earning up to $250,000 annually. Meanwhile, what about the hardworking man who skipped college but is diligently paying off his work truck loan? Or the determined woman who worked her way through school and is now struggling to pay off her mortgage in Biden’s struggling economy? Instead of offering genuine debt relief, this administration is forcing them to shoulder the burden. It’s unjust for President Biden to punish them simply because their debts differ from those of his preferred class.
On top of that, the Biden administration has extended the student loan repayment pause multiple times, long after the initial pandemic lockdown justification. This continued pause costs the American people a staggering $5 billion per month, amounting to $195 billion and counting.
These policies are outright unfair to the vast majority of ordinary Americans, 87% of whom have no student loans. Yet they will be saddled with the financial burden of someone else’s student debt. We must fight for fairness. Let us rally behind this CRA resolution and stand up for the hardworking families who will receive no benefits but will be left to foot the bill for these irresponsible and unjust policies.
As the debt clock ticks on, it’s crucial for Republicans and Democrats to put aside their differences and collaborate in restoring our financial stability. President Biden’s original stance of raising the debt ceiling with no preconditions is simply untenable. Over the past two years, his administration has recklessly piled trillions of dollars onto our national credit card. And now, they are eager to spend trillions more, with the student loan schemes alone estimated to cost over $600 billion and counting.
It’s high time we put a stop to this excessive spending. Speaker Kevin McCarthy, a staunch Republican from California, has approached the negotiating table in good faith, striving to secure a deal that benefits all Americans. We implore President Biden to do the same.
Source Fox News