Aided and abetted by Congress, the Trump administration continues to spend America into oblivion.
Secretary of the Treasury Steve Mnuchin wants Congress to go ahead and raise the debt ceiling before the August recess because analysts now think the government will hit its borrowing limit earlier than expected.
According to a report by The Hill, a study by the Bipartisan Policy Center said there was a “significant risk” that the U.S. government could reach the debt limit by early September. This would occur just after the summer recess. It had previously projected the government would run up against the debt ceiling in late October or November.
Congress raised the debt ceiling just four months ago. But the government is spending money so fast, it will likely hit its max borrowing level by early September. The Treasury has already implemented “extraordinary measures” in an effort to stem the tide.
“Everybody knows that there’s been some outside effort talking about the debt ceiling and that is something we are having discussions about … and potentially the need to do something before everybody leaves,” Mnuchin told reporters. Reporters asked if he thought Congress should take action before the recess, he said, “It would be my preference to see them pass something.”
According to The Hill, Congress had hoped to put off dealing with the debt ceiling until fall so it could package it with “other legislation to fund the government and set budget caps on spending.”
In other words, Congress wanted to bury the debt ceiling increase in a giant bill so people wouldn’t notice.
The U.S. government has been spending money at an astonishing rate. Last May alone, Uncle Sam spent $440 billion, setting an all-time record May deficit of $232 billion. Since Trump took office, the national debt has crossed the $22 trillion mark and continues to spiral upward.
While Democrats typically get tagged with the label of “big spenders,” Republicans bear the primary responsibility for this fiscal debacle. A Republican Congress authorized much of the spending and despite the rhetoric that occasionally comes out of the Oval Office, Trump signed off on every penny of the spending. The president has not made fiscal responsibility a priority and continues to push for more military spending.
Things won’t likely improve with a split Congress. Politicians will grandstand, and there will be a big hue and cry. You’ll even hear some people talk about fiscal responsibility. It’s all political theater. When it’s all said and done, Congress will raise the debt ceiling and keep right on spending.