Palmer on Further Debt Ceiling Extension: “Democrats Can’t Accept Any Limit on Wasteful Spending”

For Immediate Release
Media Contact: Elizabeth Hance (202) 225-4921

Palmer on Further Debt Ceiling Extension: “Democrats Can’t Accept Any Limit on Wasteful Spending”

Washington, D.C. – Speaker Nancy Pelosi called the House of Representatives into session this week to raise the debt ceiling by a staggering $2.5 trillion. This comes as Senate Democrats continue to negotiate how many trillions more to spend on President Biden’s so-called Build Back Better Act, which will add to our ballooning $29 trillion national debt. Congressman Gary Palmer (AL-06) released the following statement:

“It seems that the Democrats still can’t accept any limit on wasteful spending, even as we watch inflation inflict financial hardship on American families across the country,” Palmer said. “The Congressional Budget Office (CBO) also just published the true cost of the Democrats’ massive spending bill, and it would add over $3 trillion to our national debt. The U.S. debt is already 25 percent bigger than the entire economy, and the CBO projects that our debt-to-GDP will be over 200 percent by 2051. That means our debt will be twice as big as our entire economy. Such debt levels will ensure long-term inflation and possibly the loss of the U.S. dollar as the world’s reserve currency. We must recognize the threat to America’s future that such debt levels pose and take action to reduce our debt. We can start by eliminating wasteful spending, eliminating obsolete and unnecessary federal programs, reopening federal lands for oil and natural gas production and increase our exports, eliminating improper payments, and simplifying the federal tax code.”

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