White House Defends Spending As Federal Debt Tops $30 Trillion

Must read

CoreLogic updates its home price risk assessment for 392 U.S. housing markets

Historically speaking, home prices rarely decline on a year-over-year basis. Unless economics forces sellers’ hands, they usually won’t pull back. Of...

Chinese balloon: Biden says ‘We’re going to take care of it’ as FAA closes airspace over Carolina coast

The Biden administration is considering a plan to shoot down a large Chinese balloon suspected of conducting surveillance on the U.S. military, by bringing it down...

Inflation may decline then bubble up again, warns Morgan Stanley’s Jim Caron: ‘The markets do not have this priced in’

Inflation readings have, mercifully, been coming down, and investors are betting the Federal Reserve is getting close to the end of its rate-hiking cycle....

Trump Makes Impassioned Plea Calling for Peace, End to War in Ukraine

Donald Trump, the frontrunner for the Republican nomination for President in 2024, is calling for immediate de-escalation and...

By Casey Harper (The Center Square)

The national debt hit another milestone this week, and experts are warning that continuing to increase federal spending will have dangerous consequences.

The federal national debt has now topped $30 trillion, marking a sharp rise since 2001, when it was about $5 trillion. The federal government surpassed $20 trillion in debt less than five years ago.

Republicans blasted the Biden administration over the landmark, though both parties have steadily increased the debt over the past two decades. A contingent of lawmakers have called for significantly cutting federal spending since the upturn in debt began but have gained little traction.

“Our National Debt has officially surpassed $30 trillion, but Biden and Democrats want to keep borrowing, printing, and spending until the US dollar is worthless!” U.S. Rep. Mary Miller, R-Ill wrote on Twitter after the U.S. surpassed the milestone figure.

RELATED: MSNBC’s Jason Johnson Says Trump ‘Has To Be Jailed’ Because He’s A ‘Direct Danger To American Democracy’

White House Press Secretary Jen Psaki responded to a question about the rising debt level Wednesday.

“The president believes we need to have a sustainable and responsible fiscal policy which is why he put forward ways to pay for his major proposals,” Psaki said. “He is committed to a sustainable and responsible policy and ensuring that our long term investments are fully paid for like Build Back Better.”

Spending spiked last year, though, when President Joe Biden pushed two major spending bills through Congress as part of his agenda. Congress also raised the debt ceiling multiple times last year

Support Conservative Voices!

Sign up to receive the latest political news, insight, and commentary delivered directly to your inbox.

By subscribing, you agree to receive emails from ThePoliticalInsider.com and that you’ve read and agree to our privacy policy and to our terms and conditions. You further agree that the use of reCAPTCHA is subject to the Google Privacy and Terms of Use.

“In September our national debt was $28 trillion,” said U.S. Sen. James Lankford, R-Okla. “In just 4 months, our national debt has hit $30 trillion. As a time comparison, 28 trillion seconds is 887,852 years, 30 trillion seconds is 1 million years. Democrats’ spending is out of control [and] harming future generations.”

U.S. Sen. Joe Manchin, D-W.V. repeatedly cited poor economic conditions and debt levels in his opposition to President Joe Biden’s “Build Back Better” spending bill.

“I cannot take that risk with a staggering debt of more than $29 trillion and inflation taxes that are real and harmful to every hard-working American at the gasoline pumps, grocery stores and utility bills with no end in sight,” Manchin said in December after helping block the bill in Congress. “We are also facing increasing geopolitical uncertainty as tensions rise with both Russia and China. Our ability to quickly and effectively respond to these pending threats would be drastically hindered by our rising debt.”

That plan came on the heels of two laws that passed last year, the $1.9 trillion COVID relief bill and the $1.2 trillion infrastructure bill.

“U.S. Debt just hit $30 trillion, or as Joe Biden calls it: $0,” said U.S. Rep. Lauren Boebert, R-Colo., apparently referring to Biden’s claim that his multi-trillion dollar social spending plan would add nothing to the federal debt.

Congress’ latest debt ceiling increase lasts through the 2022 November elections. When that is maxed out, though, lawmakers will again face a debt ceiling deadline.

“This is a disservice to our children and grandchildren,” said Rep. Mike Waltz, R-Fla.

Sheila Weinberg, president of Truth In Accounting, argues the federal debt is actually much higher and more dangerous.

RELATED: Canadian Trucker Freedom Convoy Blocking U.S.-Alberta Border, Farmers Joining The Protest

“The Treasury Department’s reported debt doesn’t include the Social Security and Medicare liabilities. If those liabilities were included, a $30 trillion national debt amount was reached years ago,” Weinberg said. “According to Truth in Accounting, if those unfunded obligations are included today, the debt is more than $141 trillion.”

Weinberg said the Federal Accounting Standards Advisory Board does not require the U.S. Treasury to include retirement benefits owed to seniors in its debt calculations, “based upon the belief that Congress can change the law at any point in time and take away everyone’s promised benefits.

“Government officials and Congress do not highlight the true national debt, that includes the liabilities related to the Social Security and Medicare obligations because the number is so big and unsustainable,” Weinberg said. “If people understood the precariousness of these promises, then seniors would be marching on Washington.”

Syndicated with permission from The Center Square.

More articles

Latest article

CoreLogic updates its home price risk assessment for 392 U.S. housing markets

Historically speaking, home prices rarely decline on a year-over-year basis. Unless economics forces sellers’ hands, they usually won’t pull back. Of...

Chinese balloon: Biden says ‘We’re going to take care of it’ as FAA closes airspace over Carolina coast

The Biden administration is considering a plan to shoot down a large Chinese balloon suspected of conducting surveillance on the U.S. military, by bringing it down...

Inflation may decline then bubble up again, warns Morgan Stanley’s Jim Caron: ‘The markets do not have this priced in’

Inflation readings have, mercifully, been coming down, and investors are betting the Federal Reserve is getting close to the end of its rate-hiking cycle....

Trump Makes Impassioned Plea Calling for Peace, End to War in Ukraine

Donald Trump, the frontrunner for the Republican nomination for President in 2024, is calling for immediate de-escalation and...

How Much Pandemic Aid Was Lost to Fraud? Answer Still ‘Impossible to Estimate’

By Brett Rowland (The Center Square) A U.S. House committee hearing made clear the total cost...