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Raising the debt ceiling without reducing spending would spell disaster

Stephen Moore writes at Fox News, “Of all the reforms in House rules secured by the conservative rabble-rousers earlier this month, arguably the most momentous was the promise that Republicans will not pass any debt ceiling increase until substantial budget process reforms and spending cuts are secured.

The need for such a rule would seem self-evident. The debt has risen by some $4 trillion in just two years.

Government borrowing last year hit 13 figures, or $1.4 trillion. Absent budget reforms, we could easily see a decade ahead with another $10 trillion added to the debt.  And don’t forget, every one-percentage-point rise in interest rates by the Federal Reserve raises the debt by much more than a trillion dollars over the next decade...

Yet Biden and the Democrats in Congress say they want a 'clean' debt ceiling bill – with no conditions attached. 

To that, Republicans should say 'no deal.' The experience of the last forty years shows definitively that the only time fiscal conservatives have secured major spending reform concessions from Democrats as a condition for raising the debt ceiling. These are 'come to Jesus moments' for fiscal discipline.”

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