The purpose of the debt ceiling is to set a hard cap that Congress must follow for accumulating debt as a nation. The idea is that if we approach the ceiling, we have to be responsible and make the necessary cuts to spending and other debt-related items in order to keep us afloat.
Since Congress invariably raises the ceiling every time they get too close, we made a sarcastic suggestion on Twitter:
What's the purpose of a debt ceiling that always gets raised? If Dems/Reps refuse to reduce debt, they might as well set the "ceiling" at ∞.
— Federalist Party (@Federalists_USA) September 6, 2017
It’s ludicrous to think they would do such a thing. We’re $20 trillion in debt, which means we are at a point where the only possible recovery will come in the form of catastrophic cuts. It’s time to tighten our belts, make tough decisions, and eliminate anything that’s not crucial to the nation. That means killing agencies, programs, and even entire departments if necessary. It means cutting regulations to allow American businesses the room they need to succeed and build the economy. It means pulling people out of the public sector and moving them to the private sector in the form of jobs as well as social assistance. It means being fiscally responsible for the first time in decades.
Or, as President Donald Trump and Senate Minority Leader Chuck Schumer are considering, it means disavowing all economic responsibility and pushing forward to oblivion.
Yesterday, we sarcastically suggested they might as well set the debt ceiling to ∞. Their response: "Hold my beer." https://t.co/sfmnbJ1TMI
— Federalist Party (@Federalists_USA) September 7, 2017
In reality, a debt ceiling that is raised every time it’s approached is worthless, so their mentality for considering such a move is justifiable. An argument can be made the keeping it intact forces Congress to admit to the American people they’re failing miserably, but that doesn’t seem to concern them anymore.
According to the Chicago Tribune:
The U.S. government spends more money than it brings in through taxes and fees, and it covers that gap by issuing debt to borrow money. The government can only borrow money up to a certain limit, known as the debt limit or the debt ceiling. The government routinely bumps up against this ceiling, requiring Congress to raise it again and again. These votes are often politicized and can cause panic among investors.
One of the most important promises we’ve made as a party is to focus on limiting government as one of our three core principles. It’s not just about defending our Constitutional rights. It’s also about doing the things necessary to bring the nation back from the financial brink. Government has worked its way into nearly every aspect of our financial lives. From taxes that are too high to business regulations that are oppressive to ineffective and wasteful programs that simply need to go, we have our work cut out for us once we’re able to get Federalists into office.
One thing is becoming very clear: the two parties are contentious with each other and divided on some issues, but when it comes to growing government they’re in lockstep. The time for the Federalist Party is here.