The United States’ economy has given generations of farmers, small businesses, and families the opportunity to make the American Dream a reality.
While we have experienced both dreadful downfalls and epic revivals, what’s special about the American economy is we continue to learn, adapt, and overcome so we can foster an economy that works for the American people.
Since the Great Depression and other economic crises throughout our history, we’ve learned the hard way that we cannot let the federal government run our economy into the ground.
High taxes, overregulation, and unrestrained government spending will almost always put our economy in a chokehold and limit prosperity.
Record-high inflation, rising interest rates, supply chain shortages, and uncertainty for the American consumer are direct results of failed governance and reckless spending.
We must prevent the federal government from leading us any further down this dangerous path.
America has a debt addiction problem. At the time I’m writing this, our national debt is over $31 trillion, which is about $94,000 for every single American.
Earlier this year, we reached our debt limit and President Biden is now demanding Congress to raise the debt ceiling without any changes to how our government spends our money.
It’s as if an individual who continues to max out their credit limit keeps asking their bank for more money while admitting they will continue to spend frivolously.
Our federal government continues to spend more than it takes in and is now forced to borrow money to cover our annual deficit!
As a third-generation farmer, I know firsthand the risk of borrowing too much and how important it is to spend your money responsibly.
As you know, doing the same thing over and over again and expecting a different result is the definition of insanity.
Since President Biden entered office, the national debt has increased, resulting in record-high inflation, increased taxes and interest rates, further dependence on China, and an economy that doesn’t work for the American people.
While the deadline to raise our nation’s debt ceiling is only weeks away, President Biden has yet to come to an agreement to cut his administration’s reckless spending.
Rather than play a foolish game of politics with our nation’s economy, President Biden must come to the table to ensure we’re spending hardworking Americans’ money in a fiscally responsible way and formulate a realistic plan. If the President does not come to the table, it could be the first default in our nation’s history.
One thing is abundantly clear: defaulting on our debt is not an option. We first must lift our debt ceiling into the next year to prevent an economic crisis while ensuring a responsible path forward is in place.
As Speaker McCarthy had laid out for the American people, our plan is to limit, save, and grow. We will limit discretionary spending for overgrown bureaucracy, save taxpayers money from preventing another dime from bring borrowed, and grow our economy by getting Americans back to work, ending our dependence on China, and lowering energy costs—all while protecting and preserving Social Security and Medicare.
America’s debt is quite literally mortgaging our children’s futures and we must take serious, responsible action before it’s too late. I will continue this fight against fiscal insanity to ensure our children can grow up in a strong, prosperous economy where the American Dream can become a reality once more.
By Rep. Dan Newhouse represents the 4th Congressional District of Washington state in the U.S. House of Representatives.