Congress can’t stop spending even as paying the interest on the debt is now our #2 spending item

Mar 7, 2024

Joe Biden’s out-of-control spending on the Far Left’s wish list of socialist priorities has driven up the national debt to a record and unsustainable level.

The U.S. will spend more on interest payments than on defending the country.

Yet Biden and Congress continue to spend like there is no tomorrow, which could drive our nation over a fiscal cliff.

When Joe Biden became president in 2021, the U.S. national debt stood at roughly $28 trillion.

One year later, that astounding figure grew by nearly two trillion dollars, and today, taxpayers are on the hook for over $34 trillion, $266,000 per taxpayer.

But exploding debt is only part of the financial disaster tax-and-spend politicians have created.

Soaring interest rates balloon the cost of debt

Joe Biden’s Federal Reserve hiked interest rates in the hope of tamping down the record-breaking inflation Biden’s reckless spending created.

Now, interest payments on the national debt are projected to soar to a whopping $870 billion.

That staggering amount is more than the https://readallaboutitnews.com/wp-admin/admin.php?page=gf_edit_forms&id=39U.S. will spend on national defense.

In addition to surpassing defense spending, interest costs are expected to exceed Medicare spending this year, making interest on the national debt the second largest line item in the fiscal year 2024 federal budget.

Only Social Security will have a higher price tag.

Senate Leadership prioritizes foreign aid

Despite this stark reality, Senate Democrat Majority Leader Chuck Schumer and RINO Republican Minority Leader Mitch McConnell teamed up to pass a bill that would spend another $95 billion. . .

. . . Not to secure America’s borders, rebuild our military, or fund any other American priority.

This debt-financed booty was destined to be sent overseas.

In fact, subsidizing Ukraine, Taiwan, and other countries was so important to America.

Last insiders that they worked through the night on Super Bowl weekend to complete this spending bill.

So far, Republican House Speaker Mike Johnson has stood strong and refused to schedule a vote on this boondoggle despite intense pressure from Biden, McConnell, Schumer, and RINO Republicans.

Sadly, when it came to taking a stand for fiscal responsibility in the federal budget, he caved.

Congress keeps spending

In fiscal year 2023, the federal government spent an astounding $6 trillion but only generated $4.4 trillion in revenue, piling more debt on the backs of our children, grandchildren, and great-grandchildren.

Yet recently, Republicans joined hands with Democrats to continue the same reckless spending that’s responsible for America’s crippling debt.

With a potential government shutdown looming, Republicans were in a powerful position to obtain meaningful spending cuts if they were willing to play hardball.

But as usual, Republicans abandoned the field of battle.

The uniparty stood together to spend money the U.S. doesn’t have to fund a bloated government whose main function has become shredding the Constitution, stomping all over Americans’ rights, and sending taxpayers’ hard-earned money to foreign countries.

With Bidenflation forcing families across the country to tighten their belts, it’s high time Congress does the same thing.

But that won’t happen until patriotic Americans hold Republicans’ feet to the fire and demand an end to reckless spending.

Read All About It will keep you up-to-date on any developments to this ongoing story.

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