As the national debt continues to rise, a group of 24 Republican senators have written to President Joe Biden in opposition to raising the debt ceiling without any spending reforms. The current national debt of $31 trillion is a staggering figure that has exceeded the size of America’s economy and is a dire warning that something must be done to address this unsustainable situation.
Included in the signatories for this letter were Senators Rand Paul, Mike Lee, Tommy Tuberville and Marsha Blackburn, who are all calling for structural reform in order to address fiscal realities and enforce budget discipline. Sen. Paul has described this issue as “the greatest threat to our national security,” and it is clear why he believes so strongly in this position. Without fiscal restraint, government policies have become out-of-control, leading us down a dangerous path with no end in sight.
It is time for Washington to take action before it is too late. It is crucial that we enact meaningful spending reforms that will reduce our debt and put us on track towards economic prosperity. We can start by eliminating wasteful government spending such as corporate welfare and earmarks that have been allowed to continue unchecked for far too long. We must also consider reforming entitlement programs like Social Security and Medicare which are currently facing bankruptcy due to a lack of fiscal accountability and discipline from Congress over the years.
At the same time, we need tax reforms that will create an environment where businesses are incentivized to stay here in America rather than ship jobs overseas or hide their profits offshore. By creating an environment where businesses can thrive here at home, we can generate more revenue which will help fund vital areas like infrastructure and education while at the same time lowering our debt burden and ensuring everyone pays their fair share of taxes instead of relying on loopholes or creative accounting practices.
The letter sent by these 24 Senators shows they understand the urgency of this situation and recognize there needs to be meaningful change if we want our economy to grow sustainably going forward. Hopefully their actions will lead us down a path towards fiscal responsibility as opposed to continuing on with business-as-usual which could ultimately lead us into an economic abyss with no way back out again.