Veronique de Rugy in dailyherald: What you need to know about both parties and the debt ceiling debate.
If you read news coverage about the brewing battle over raising the debt ceiling, you might think it's a fight between demons and angels. On one side, you have Republicans who are willing to risk a default on the government's debt unless they get spending cuts that will starve people. On the other side, you have Democrats who, guarding the interests of ordinary Americans, want a"clean" increase in the debt ceiling with no cuts in spending.
That's in part because modern Republicans aren't paragons of fiscal responsibility. When one of them is in the Oval Office, they spend like drunken sailors, and most of their members cannot be called economic freedom fighters. This lack of unity, paired with the scale of the debt problem, was always going to result in insufficient demands, especially under a tight debt-limit deadline.
by signing up you agree to our terms of service Next, we get a rollback of discretionary spending back to fiscal year 2022 levels and something of a freeze thereafter. According to the Congressional Budget Office, that means that in FY2024, discretionary spending -- which represents only 30% of the budget -- would fall to about $1.7 trillion from the currently projected $1.9 trillion. Mandatory spending due to entitlements, however, would continue to balloon -- from $3.
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