Holding debt limit hostage won’t fix spending problems: Douglas Holtz-Eakin
Former Congressional Budget Office director Douglas Holtz-Eakin dissects the battle raging over the debt limit which the U.S. is expected to reach on Thursday.
Former United Nations ambassador. Nikki Haley slammed President Biden's comments that Republicans are "fiscally demented" calling out the President for signing off on a $6 trillion spending package amid a looming debt ceiling deadline and crushing inflation.
"Biden's signed off on more than $6 trillion in new spending—and pushed for trillions more, and he's calling Republicans ‘fiscally demented.’ Try again, Mr. President." the former South Carolina governor wrote on Twitter.
The national debt when Biden took office was $27.7 trillion. As of the time of this publication, it was $31.4 trillion, an increase of $3.7 trillion in a two years.
PRESIDENT BIDEN CALLS REPUBLICANS ‘FISCALLY DEMENTED’ DURING MLK DAY SPEECH, AMID DOCS SCANDAL, INFLATION
While speaking at a Martin Luther King Jr. Day event Monday, the President blasted Republicans, calling them "fiscally demented" while touting what he called Democrats' accomplishments and claiming that they are the fiscally responsible party.
"They’re going to talk about big-spending Democrats again. Guess what? I reduced the deficit last year $350 billion. This year, federal deficit is down $1 trillion plus. That’s a fact." Biden said, prompting roaring applaud from the crowd. "And there’s going to be hundreds of billions reduced over the next decade. But so what? These guys are the fiscally demented, I think. They don’t quite get it."
In May 2022, the president proposed a $6 trillion spending package in a proposal aimed at to funding his sweeping economic agenda, which included investments in education, infrastructure, and transportation.
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Since President Biden has taken office, Democrats have passed about $3.8 trillion in spending on their top agenda items. The single most expensive of Democrats' significant pieces of legislation was also their first — the $1.9 trillion American Rescue Plan (ARP). That was followed in 2021 by the bipartisan infrastructure bill, was supported by all Democrats and a smaller number of Republicans and which cost $1.2 trillion in new and baseline spending.
In the summer of 2022, Democrats, alongside of President Biden, passed a $280 billion bill to compete with China and a gun control bill with $20 billion in spending.
Finally, they passed the Inflation Reduction Act — the reconciliation revamp of Build Back Better — with estimates ranging between $430 billion and $480 billion in combined spending and tax credits. Biden signed his Inflation Reduction Act into law in August 2022.