Sen. Mike Lee (R-UT) has called for action on America’s debt as it continues to grow larger than the economy. According to the senator, inaction or delayed action will see the nation’s annual interest on the debt spiral out of control.
Lee said in a sit down on Fox News’ Sunday Morning Futures with Maria Bartiromo that America already has a hard time keeping up with its “$31 trillion-plus national debt.”
“In just a few years, we’re going to see our national interest on debt skyrocket from around $400 billion a year to well over a trillion a year, and we don’t have that kind of money to cover that and everything else too. So if we don’t get ahead of this now, it’s going to get ahead of us, and we’re all going to suffer as a result,” the Utah senator explained.
Even though the Treasury Department has taken measures to extend the debt ceiling till June, Lee doesn’t find that assuring and believes the situation requires a more tactical and urgent solution.
“Once we blow past the debt ceiling, which should happen in the next few weeks, we’re really at the mercy of the Treasury Department. At any time, they could accelerate or decelerate whatever they deem to be the extent of their extraordinary measures, the time period in which they can expend our debt ceiling by looking, metaphorically speaking, for nickels and dimes under the couch cushions,” he posited.
Lee, a member of the Senate Joint Economic Committee, is hoping Congress will pass a bill to address the issue and submit it to President Biden’s desk. If that does not happen before the debt deadline, he fears what would follow would be a scurry of lawmakers taking steps out of desperation.
Lee’s comments come after the U.S. hit its borrowing limit of $31.4 trillion. The House Republican majority have insisted on supporting moves to raise the federal government’s borrowing limit only if President Biden agrees to cut “irresponsible spending” and put in place structural long-term spending measures.
The US government just hit its debt limit of $31.4 TRILLION
Democrats say the debt limit should be INCREASED without any spending reforms
Just keep spending and growing government
— Sean Spicer (@seanspicer) January 30, 2023
Democrats and the White House, on the other hand, are pushing for Congress to raise the cap without any preconditions. Standing in the middle of the debate is a huge risk to the financial position of the U.S.
According to Lee, the Republicans’ fight on this is a fight for all as he says it “isn’t a strictly partisan issue.” Pointing to Democrat President Barack Obama’s vote against raising the debt limits back in 2006 when he was a senator; Lee stated that this is an American issue not a Republican or Democrat issue and should be taken with all seriousness on both sides of the political spectrum.