Month: August 2021

The Civics Project: Federal debt ‘ceiling’ does a poor job keeping a lid on spending

Question: What is the federal debt ceiling and why is it so important? Answer: Under the U.S. Constitution, the Congress has the power of the purse, meaning that the legislature appropriates or spends money and also collects money through taxation. Ideally, the government’s spending would equal or perhaps be less than, the amount of money collected each […]

Partisan Debt, Bipartisan Debt Limit?

Democrats need to take responsibility for their $5.4 trillion spending spree. Senate Democrats have passed a $3.5 trillion budget resolution, unlocking their ability to pass a tax-and-spend boondoggle later this fall. This comes on the heels of the $1.9 trillion package enacted along partisan lines and dubiously marketed as Covid-19 relief. Democrats didn’t care about […]

FACTCHECK: Biden leaves misleading impression on U.S. debt

  In promoting his own spending priorities, President Joe Biden blamed his predecessor’s “unpaid tax cuts and other spending” for increasing the national debt by nearly $8 trillion over four years. The total debt figure is correct, but trillions of that were due to bipartisan coronavirus relief packages. Biden made the criticism of former President […]

Why America has a debt ceiling: 5 questions answered

Another big fight is brewing over the U.S. debt ceiling, which is a statutory limit on how much the government can borrow to pay its bills. In an interview, Senate Minority Leader Mitch McConnell said Republicans won’t agree to lift the debt ceiling in “this free-for-all for taxes and spending” environment. Congress suspended the debt ceiling in 2019 for two […]