From WSJopinion: Congress is about to begin another debt-ceiling fight, and it threatens the Constitution as well as America’s solvency, write David B. Rivkin Jr. and Lee A. Casey
Congress is about to begin another debt-ceiling fight, and it threatens the Constitution as well as America’s solvency.
Over the past two years, Uncle Sam has borrowed and spent trillions of dollars to address Covid-19. Coronavirus spending added nearly $3 trillion to the national debt this year alone—and that doesn’t count the recently passed infrastructure bill and the pending Build Back Better Act. The unprecedented growth in federal outlays has contributed to inflation, which has reached a 30-year high, and caused annual budget deficits to soar.
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