1 June, 2023 by Eric Dunkelberger
Wednesday night, the House of Representatives passed what they call the Fiscal Responsibility Act. Obviously, according to the items included in this bill, they have absolutely no idea of what fiscal responsibility means. This bill gives the government unlimited spending until January of 2025, after the next Presidential election. The bill should have been called the American Economic Demise Act. That would have been more accurate.
The blank check portion of this legislation is nothing but a lie. They say it has a cap of $4T ($4,000,000,000,000), but actually has no limit on amount, only a time limit. If the spend addicts in Congress reach that $4T in the fist year, they’ll blow straight through it! I expect the National Debt to be more like $35-37T by the time January 2025 rolls around. As I said, that will be after the next election, so that will mean the Congress that must face the next ceiling debate will be a Lame Duck session. If DemSocialists win, they will advance a clean debt suspension bill, so they can continue their addiction of unencumbered spending.
But, what about the spending cuts, you ask. There were never any spending cuts involved. It’s all deception, semantics. The numbers start with an automatic increase of 5% above what was spent last year. Then they negotiate a “cut” of 1-2%. In reality, there’s still an increase of 3-4% over spending of last year. Then they talk about the painful cuts they proposed. Far too many people believe the lies but, not everyone! Even the default date was bogus: notice how it changed from May 29 to June 1 to June 5. just enough time to get the bill passed. One thing for certain, Schumer will use the bogus June 5 deadline to eliminate any filibuster.
The bill passed last night with more DemSocialist votes than Republican votes. Now it goes to the Senate, where, I’m sure, Mitt Romney and Mitch McConnell will find enough Republicans to vote for this travesty. Remember the 19 Republicans that voted in favor of the Omnibus bill. I’ll bet that would be the place to start.
This debacle of a debt ceiling debate has shown that the 20 Conservatives that held up Kevin McCarthy’s vote for Speaker were right. He didn’t have the backbone to push an advantage., or even find one. He needs to be replaced! Of course, once this bill is passed and signed into law, the damage will have been done. This bill, and the free-wheeling spending it allows, will cause inflation to increase. The argument of whether or not we are in a recession or not will be academic. The pain felt by everyone, but especially the low-income and middle class will show that we are in one. The question will be whether or not we can avoid a depression! This Administration will continue to push the America Last policies.
Two examples of this policy were obvious in their timing. Before the House vote, the FBI Director said the Oversight Committee they would not be honoring the subpoena. The bill the House passed funded the FBI completely. During the vote, the next round of military aid to Ukraine was announced. This proves that the debate was just an exercise in futility. There is no fiscal responsibility in Washington, even if they knew what it means!