Sound Money The Bedrock of Liberty
On July 22, President Trump announced a deal with Democrats that will suspend the debt limit until the end of July 2021 — well after the 2020 election.
Each of the two major parties got something they wanted from the deal. A $50 billion hike in U.S. discretionary spending will go toward Democrats’ welfare programs and Republicans’ defense programs. Moreover, each side gets to save face with the public by avoiding a government shutdown, across-the-board spending cuts, and the messy job of dealing with a potential federal debt default as the government runs out of cash.
While the media focuses on the “victory for pragmatism” (though not for fiscal responsibility), no attention is given to why the U.S. debt has spiraled out of control in the first place.
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