Some conservative members of Congress have objected to a massive debt increase being approved by the Trump administration and Congress.
What’s the background?
On July 12, Treasury Secretary Steve Mnuchin warned congressional leaders that if they failed to raise the debt limit before they went on recess in August, the federal government would run out of money.
The Trump administration has been running up huge spending deficits. The White House predicted that by the end of 2019 the annual federal deficit would pass $1 trillion and remain there for every year until at least 2022. For comparison, the federal deficit was $585 billion during 2016.
Speaker of the House Rep. Nancy Pelosi (R-Calif.) promised on Monday that an agreement had been reached and “[t]he House will now move swiftly to bring the budget caps and debt ceiling agreement legislation to the Floor, so that it can be sent to the President’s desk as soon as possible.”
Trump announced on Monday afternoon that a deal had been reached with both houses of Congress “on a two-year Budget and Debt Ceiling, with no poison pills.”
This deal would raise the debt ceiling beyond the 2020 election.
What did these conservatives say?
Rep. Mark Walker (R-N.C.) tweeted on Tuesday morning, “The debt ceiling is here again. Our credit card is maxed out. What this budget deal does is ask the credit card company for another $320 billion in credit NOW for the chance to get paid back $75 billion in a decade. No bank would take that. American taxpayers shouldn’t either.”
In a news release, Sen. Ted Cruz (R-Texas) called the deal “yet another missed opportunity to rein in excessive government spending.”
Cruz said that the deal “irresponsibly jacks up spending by $320 billion without real offsets, and suspends the debt limit into 2021. Instead of finally dealing with our nearly $1 trillion deficit and $22 trillion debt, this deal just kicks the can down the road again.” He urged the “administration’s negotiators to go back to the bargaining table and fight for the president’s priorities.”
Rep. Chip Roy (R-Texas) retweeted Cruz’s appeal.