The Debt Ceiling Dilemma, You’ll Never Guess Who Will Pay The Price

As we approach the debt limit deadline, we must seize the opportunity to restore fiscal responsibility. Unfortunately, President Biden’s tax and spending sprees have led us further down the path of debt and economic uncertainty.

The White House’s insistence on raising the debt limit without any preconditions is alarming. While Biden claims it’s about “paying our bills,” his administration is actively pushing policies that will add hundreds of billions to our already staggering debt.

One glaring example is the proposed student loan schemes, estimated to cost taxpayers nearly $600 billion according to the Congressional Budget Office.

This week, the Senate will take a significant step towards blocking President Biden’s loan transfer and repayment pause with our Congressional Review Act (CRA) resolution of disapproval. It’s essential to understand the consequences of Biden’s so-called student debt “forgiveness” plan—it doesn’t truly forgive or cancel debt.

Instead, it shifts the burden from those who willingly took out loans for college to those who chose different paths or have already responsibly paid off their loans. This approach is not only unfair but also fiscally irresponsible.

According to the CBO, this blanket debt transfer will cost an astonishing $400 billion, with a significant portion benefiting wealthier families earning up to $250,000 per year. We must consider the hardworking individuals who didn’t attend college but are diligently repaying their loans, like the man with a work truck loan or the woman struggling to pay her mortgage under Biden’s struggling economy. President Biden’s policies unfairly punish them simply because their debts differ from those of his favored class.

Furthermore, the Biden administration has repeatedly extended the student loan repayment pause, long after the initial justification of the pandemic. This continued pause comes at an astronomical cost of $5 billion per month, reaching a total of $195 billion and counting.

These policies burden ordinary Americans, with 87% of them having no student loans. Yet they will be forced to bear the financial consequences of someone else’s student debt. We must fight for fairness. It’s crucial to support the CRA resolution and stand up for hardworking families who will receive no benefits but will be left with the bill for these unjust policies.

To restore our financial stability, Republicans and Democrats must put aside their differences and work together. President Biden’s previous stance of raising the debt ceiling without any preconditions is untenable. Over the past two years, his administration has recklessly added trillions of dollars to our national debt. The proposed student loan schemes alone are estimated to cost over $600 billion and counting.

It’s high time we put an end to this excessive spending. Speaker Kevin McCarthy, a dedicated Republican from California, has approached the negotiation table in good faith, seeking a deal that benefits all Americans. We call on President Biden to do the same.

Source Fox News