Congress has unveiled a new proposal, the so-called Protecting Medicare and U.S. Farmers From Forfeiture Act, and promotes it with all the usual arguments that this is just normal legislation that maintains the status quo and obscures its true purpose.
In reality, the bill is a blank check that would facilitate the implementation of President Joe Biden’s radical tax and spending agenda. The invoice text actually includes a blank line for a dollar amount, as you would see on a check.
Biden and his allies in Congress have been working for months to pass a massive tax and spending bill, the Build Back Better Act. This great government, socialist legislation Is destined to “transform our economyâ, But that would only exacerbate the price increases, labor shortages and supply chain disruptions Americans face.
Because the law Build back better would add nearly $ 800 billion in deficit over the next five years (even without accounting for blatant budget gimmicks), congressional liberals have offers suspend the debt ceiling as well as drop the application of the pay-as-you-go law to pave the way for their partisan legislation.
The Protecting Medicare and American Farmers from Sequester Cuts Act includes all of these provisions.
The debt limit precedent that would be set by this bill would demolish one of our essential tools for limiting the size, scope and burden of the federal government.
The bill would allow the Senate majority leader to introduce a bill that would increase the debt limit by the amount he determines, and then bypass the normal threshold of 60 votes for obstruction in the Senate.
It would create an unprecedented process whereby the slimmest majorities in Congress could get a blank check at the expense of every American.
The two current methods of increasing limited debt – going through the budget reconciliation process or reaching the 60-vote threshold in the Senate – are designed to preserve our fiscal future and limit the reach of the federal government in every American’s wallet.
This bill would destroy those guarantees and even literally give Senate Majority Leader Chuck Schumer a blank line to write the debt increase he wants.
This blank check could be used to usher in Biden’s vast tax and spending agenda, ignore impending federal autopilot spending, and potentially implement even more transformational expansions of government control.
This bill is actually the same as a debt ceiling suspension, but with a potentially easier path.
Schumer will likely fill that blank check with a number that would allow their ambitions to dramatically increase non-defense spending, enact their massive tax and spending program, and then give them a big cushion for all other expansions. government they can imagine.
At this stage, this increase in the debt ceiling would be inseparable from a suspension of the debt ceiling.
Instead of increasing the debt limit by a dollar amount based on a thoughtful and respectful legislative approach, this would simply be another institution pulverized in the cobblestones leading to a reckless agenda.
Make no mistake, this provision is just one more attempt to ignore our looming tax problems and to expand the power of federal central planners.
Voting for a special process allowing an unlimited increase in the debt limit knowing full well how that process will be used is in effect voting for this increase in the debt limit.
Congress must act to stop this attempt at dramatic government expansion and must implement the reforms necessary to return to a stable fiscal path that will allow Americans today and tomorrow to prosper.
Any further government expansion, and every day we delay the implementation of these crucial reforms, will make the looming fiscal crisis exponentially more dire.
Any increase in the debt ceiling must be accompanied by the following: four conditions. Congress should:
- Adopt mechanisms to control the rate of growth of federal spending.
- Set up a revenue cap that ensures that the balance is not struck on the backs of taxpayers.
- Prohibit debt limit suspensions or increases designed to give Congress unlimited deficit spending power.
- Call on the Federal Reserve to be transparent about its unprecedented financing of the federal debt.
Congress has racked up a staggering debt since the start of the pandemic: $ 5.5 trillion, or roughly $ 43,000 for each household in the country – a product of the last blank check suspension of the debt limit.
While some were intended for responding to the public health emergency, much (like the $ 1.9 trillion package Democrats passed earlier this year) was unnecessary and opportunistic.
One of the few safeguards against irresponsible federal spending is the Pay-per-use law. When Congress passes laws that increase the deficit, PAYGO demands automatic expense reductions on a handful of federal programs.
The Pay-Per-Use Act tab currently exceeds $ 388 billion. Passage of the Build Back Better law would add $ 158 billion to the required reductions in the pay-as-you-go law, for a total of $ 546 billion, but the amount available to actually be reduced is less. quarter, about $ 120 billion.
Against the background of more $ 5.5 trillion in the total expenditure for the coming year, it’s a little haircut. Yet the prospect of this haircut is enough to drive an army of pressure groups to besiege Congress.
Medicare is at the heart of the current debate. Although the program benefits millions of Americans, it has seen unsustainable spending growth. The small cuts Medicare faces as a result of fiscal rules would not materially affect seniors and hardly dent the continued growth of the program.
Congress should not delay the pay-as-you-go spending cuts without replacing them with other spending cuts and reforms. This would only increase the country’s dangerously high debt even further.
However, the Protecting Medicare and American Farmers from Sequester Cuts Act stops all application of the statutory Pay-As-You-Go law until January 2023.
By paving the way for the enactment of Biden’s tax insanity and reckless spending, this legislation erases many of the tax guarantees meant to protect all Americans from an ever-expanding government.
These guarantees are meant to honor the hard work of Americans that is undermined every time the government spends money. Instead, the Protecting Medicare and American Farmers from Sequester Cuts Act would grant Biden a blank check with your name on the bottom.
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