Debt Ceiling Politics
Can't just have a debt ceiling showdown, win the battle, and let the next Congress jack up spending and debt another time.
With 130% Debt-To-GDP ratio, and interest payments approaching the number 2nd largest expense in the Federal Budget, with a House Majority (2023-2025) ready to act, need to have real concrete goals:
- Eliminate all unnecessary spending
- Reduce debt-to-GDP ratio to 50%
- Dramatically reduce interest payments
Alexander Hamilton wanted a small, manageable debt and worried of 'crippling interest payments'.
America's enlightened founding fathers do have wisdom to share with newer generations.
"I, however, place economy among the first and most important virtues, and public debt as the greatest of dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt.”