(CNSNews.com) — Commenting on the current fight between President Joe Biden and House Republicans over the debt ceiling, Rep. Victoria Spartz (R-Ind.) said the “Republicans need to grow a backbone and pass some real reforms, or we will end up with socialism.” Spartz grew up in Soviet-occupied Ukraine, so she has personal knowledge of socialism.
“Our national debt is approaching a level not just harmful to economic growth and irresponsible to future generations, but dangerous to our national security today,” said Spartz in a Jan. 17 statement. “We are entering treacherous waters and must couple any debt ceiling increases with real reforms.”
“Huge amounts of politically directed spending and crony capitalism have created a significant oligopoly problem in nearly every market sector — not much different from oligarchs ruling in post-socialist countries,” she added. “Health care monopolies lobbied by special interest groups, like hospitals, is one of the major examples.”
“Republicans need to grow a backbone and pass some real reforms, or we will end up with socialism,” said Spartz. “I’ll be fighting with every tool at my disposal to deliver effective health care policies and will not be accepting any industry PAC contributions this cycle.”
The debt ceiling is the maximum amount of money the federal government can borrow to meet its legal obligations, including money to fund Social Security, interest on the national debt, and other payments.
The U.S. government hit the debt ceiling on Thursday, Jan. 19, with a total national debt at $31,414,360,560,928.79 — $31.4 trillion.
In the past when this has occurred, Congress has voted to raise the debt limit, sometimes with no changes and other times with built-in reductions on federal spending.
According to the Treasury Department, “Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents.”
Currently, House Republicans, led by speaker Kevin McCarthy (R-Calif.) want to negotiate on raising the debt ceiling — they want to incorporate reductions in federal spending as a condition. The White House, however, has said it wants no negotiations or conditions, a position apparently also held by House and Senate Democrats.
Until the situation is resolved, the U.S. Treasury is taking “extraordinary measures” to pay its legal obligations.
“The two extraordinary measures Treasury anticipates implementing this month are (1) redeeming existing, and suspending new, investments of the Civil Service Retirement and Disability Fund (CSRDF) and the Postal Service Retiree Health Benefits Fund (Postal Fund), and (2) suspending reinvestment of the Government Securities Investment Fund (G Fund) of the Federal Employees Retirement System Thrift Savings Plan,” said Treasury Secretary Janet Yellen in a Jan. 13 letter to Speaker McCarthy.
Commenting on the issue, Rep. Chip Roy (R-Texas) tweeted, “To be clear – by REFUSING to negotiate over the debt ceiling now, the @POTUS is purposefully guaranteeing a last minute showdown about Congress not blindly approving borrowing MORE money… all when our nation is almost $32 trillion in debt. #StopSpendingMoneyWeDontHave.”
To be clear – by REFUSING to negotiate over the debt ceiling now, the @POTUS is purposefully guaranteeing a last minute showdown about Congress not blindly approving borrowing MORE money… all when our nation is almost $32 trillion in debt. #StopSpendingMoneyWeDontHave https://t.co/izpRobW7Kq
— Chip Roy (@chiproytx) January 20, 2023
Sen. Rand Paul (R-Ky.) tweeted, “Our national debt has gone up $4 trillion in just two years and now stands at a record-breaking $31 trillion. Democrats want a clean bill to raise the debt ceiling with no conditions. Republicans must say NO!”
Rep. Byron Donalds (R-Fla.) tweeted, “The Left & the media are trying to make the Debt Ceiling a GOP-created debacle while ignoring who got us here. The DEMs in the 117th Congress in both the House & Senate (& some in the GOP) played a game of hot potato with the debt & they’re now trying to absolve themselves.”
We have to cut spending. Their policies and funding requests to Congress are driving us into economic collapse.
I have never voted to raise the ceiling, even under President Trump. pic.twitter.com/OZMxxqYhEO
— Rep Andy Biggs (@RepAndyBiggsAZ) January 20, 2023
Rep. Andy Biggs 9r-Ariz.) tweeted, “The @WhiteHouse, @POTUS, @PressSec, and @WHCOS are being disingenuous about the debt ceiling. We have to cut spending. Their policies and funding requests to Congress are driving us into economic collapse. I have never voted to raise the ceiling, even under President Trump.”
White House Deputy Press Secretary Olivia Dalton, as reported by Reuters, said, “There will be no negotiations over the debt ceiling, Congress must address this without conditions as they did three times under (Republican former President) Donald Trump.”
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