Most people agree it is common sense to cut spending while raising the debt ceiling
Jack Elbaum
Video Embed
As the June 1 deadline to reach a debt limit solution inches ever closer and Speaker Kevin McCarthy (R-CA) says the two sides are “still far apart” in negotiations, a new CNN poll revealed that most people agree with Republicans that raising the debt ceiling should be accompanied by spending cuts.
In a poll released by CNN yesterday, 60% of people said Congress “should only raise the nation’s debt ceiling if it cuts spending at the same time,” while just 24% said Congress should raise it no matter what. Included in that majority who believe there should be cuts is 79% of Republicans, 58% of independents, and even 45% of Democrats.
AMERICA ISN’T READY FOR THE ERA OF AI NATIONAL SECURITY THREATS
In a significant backlash to President Joe Biden’s opposition to any cuts, the people demonstrate that, sometimes, common sense still prevails.
The truth is that of course raising the debt limit should come with spending cuts.
First and foremost, there need to be cuts because our federal spending is completely out of control. After the unprecedented spending in 2020 and 2021 in response to COVID-19, in which our spending-to-gross domestic product ratio rose to over 45%, we were left with a national debt of $31.8 trillion. By cutting spending, we will simply be moving closer to our pre-pandemic spending levels, which still left much to be desired. The story of government spending since 1980 can be summed up in the graph below: a steep increase in the debt-to-GDP ratio, reaching a point today where our debt is about 130% of our GDP.
iFrame Object
This ridiculous spending is unsustainable, so cuts are a good idea on their own merit.
But second, spending cuts are the only realistic way that a resolution will be reached. The key feature of our political system is checks and balances. In practice, this means that compromise, wherein the interests and priorities of all are considered and debated, is inevitable when the House is controlled by Republicans while the president is a Democrat. After all, James Madison intentionally set up a system in which “ambition must be made to counteract ambition.” This doesn’t mean every side will get what they want but rather that there will be compromise.
For Biden to sit on the sidelines, refusing to negotiate for months on end, is a denial of that reality. But in the end, the only way for there to be a resolution is for there to be some amount of spending cuts. That type of compromise is exactly how our government is supposed to work.
Until Biden realizes these two truths, that opposing spending cuts is both unrealistic and imprudent, he should not be surprised that the approval rating on his handling of the economy continues to be in the mid-30s.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Jack Elbaum is a summer 2023 Washington Examiner fellow.