Sustained deficit spending by the U.S. government helped push the national debt up to a jaw dropping $31.38 trillion in 2023, according to U.S. Treasury data.
Fiscal watchdogs are now predicting that the interest alone on that debt will soon eclipse both entitlements and defense spending as a major component of the annual budget.
Analysis from Rocket Mortgage says that during the Trump administration years "The average rate for a 30-year fixed mortgage was about 3.7%." The issues of rising debt and rising interest rates clash head-on with major spending packages spearheaded by the administration, including the 2021 American Rescue Plan and the 2022 Inflation Reduction Act, which saw the government authorize $1.9 trillion and $740 billion in federal spending in addition to "Ordinary" budget expenses.
Criticism of sustained deficit spending prompted House Republicans earlier this year to pressure the White House to make budgetary concessions in the Fiscal Responsibility Act that aimed to address the nation's runaway spending.
The Biden administration has largely depended on spending more and more on entitlements to bolster its support among demographics likely to vote Democratic.
"You know, MTG has her demands; there's 535 Members of Congress. And I think they are all approaching this with a similar manner. And that is, we're going to put our foot down and insist on getting our way. Otherwise, we're not going to vote for this package of spending bills." "You know, the problem here is that we need to fund the government. And when we do shut down the government, we've done it several times in recent memory, conservatives almost always lose," Arnold continued.
"We shut down the government for a few days, or sometimes a little bit longer, and then somebody gives in. There's a breaking point, and we end up spending more money... So we need to find a way to win here. And I think that starts with passing good conservative spending bills through the appropriations process in the House of Representatives." Arnold went on to advocate for seeking compromise with moderate, budget-minded Democrats, and espoused support for exploring ways to save on defense spending, which ranks among the biggest budget items.
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