Where is fiscal accountability in Congress? As a former two-term township trustee, I know how government works. An annual budget is approved. When the invoices (bills) come due, you must pay them.
The debt ceiling is about paying the bills Congress already approved, not just under President Biden but also under former President Trump. (Remember the Republican Congress under President Trump supported record tax breaks for the uber-rich and corporations. This added $3.7 trillion to the federal deficit or roughly 25% of federal deficit during Trump’s four years, per Snopes fact checking).
Effects if the debt ceiling isn’t raised, per U.S News, there would be slashed government services, higher interest rates, market panic, adverse effects on everyone’s pension/401k savings, especially for our children and grandchildren, a run on market funds and political instability.
Plus, through numerous sources like Business Insider and others, America’s bond rating would falter triggering a recession, higher inflation would return which was finally coming down, losses of millions of jobs, delays in Social Security and disability payments, Medicare payment delays, troops and federal workers including security agencies, FAA, and others wouldn’t get paid. National parks close for upcoming summer visitors. Businesses, especially our smaller local businesses with limited capital, could fail.
We need to hold Speaker McCarthy and Republicans in Congress accountable for playing politics with people’s lives, livelihoods and the financial stability and economy of our nation! I challenge you to Google all Ohio Republicans in Congress and demand fiscal responsibility and the payment of the federal bills! It’s time for the nation and your personal or business stability is looming. And, if they don’t like government, they shouldn’t run for public office.