Many bills have been passed by Congress and signed by the president, all involving spending money. For many years, the U.S. government has spent much more money than it has collected from all its taxes and fees combined. The problem is that our government spends much more than it has or will collect, and to pay our bills, we must find somewhere to get the needed extra money.
As I’ve said before, the entire United States government, led by Congress, the president, and the Supreme Court, exists only by authority of the U.S. Constitution. Through the Constitution, the free people of the United States grant our government and its leaders all the powers they legitimately possess. Congress raises the money our federal government spends each year by borrowing it on the credit of the United States, which Congress has been granted the power to do under Article I, Section 8 of the U.S. Constitution.
Some politicians want the amount of money borrowed by Congress to be unlimited, but they are borrowing it on our credit, as citizens of the United States. We owe that money and must pay the interest on it until we pay it back. If a limit is not drawn somewhere, we, our children, and our grandchildren will never be able to pay the money back, thus risking the chance to pass along the benefits of our freedoms to future generations. So, no matter how many bills Congress passes, there must be a limit to our borrowing and spending somewhere.
The House has now spent weeks laying out how those limits can be met. The debt limit increase can be made as soon as the U.S. Senate and the president agree. More work needs to be done to finish the details, but that's what we elected all of them to do, and I believe Frederick Douglass or any of our founders would tell them to get to work.
Some members of the current administration are warning that they will have to default on federal debt if an unlimited amount is not borrowed by Congress. That is not true. There is an orderly way to proceed without defaulting on our country’s debts.
According to Article I, Section 7 of the U.S. Constitution, “All Bills for raising Revenue shall originate in the House of Representatives….” The 435 members of the U.S. House of Representatives have passed a bill to raise the federal government’s debt limit to an amount sufficient to meet our obligations. All it needs now is to be approved by the U.S. Senate and signed by the president.
To contact KCarl or request a speaking engagement, go to www.kcarlinc.com The views and opinions expressed here are those of the author and do not necessarily reflect the policy or position of 1819 News. To comment, please send an email with your name and contact information to Commentary@1819News.com.
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