Congress Admits it Has a Debt Problem, but Will it Do Anything?

November 22, 2023

Servicing debt grows more expensive as the deadline to curb the spending spree gets closer.

by J.D. Tuccille Reason.com

You know a problem is looming when even Congress starts paying attention. That problem at the moment is the ever-metastasizing national debt and the endless federal budget deficits which feed its growth. Of course, acknowledging the danger posed by a problem isn’t the same as doing something constructive to address the issue.

Agreement On a Problem, But Not a Solution

“The national debt has reemerged as a paramount economic issue for the first time in nearly a decade, raising alarms from Congress to Wall Street. But even with all the outward drama, there’s little evidence that Washington is ready to stem the tide of red ink,” Politico’s Eleanor Mueller and Victoria Guida wrote this week. “In interviews with a dozen members of both parties on Capitol Hill, even GOP lawmakers acknowledged an inability to reach consensus within their own ranks on the path forward. Democrats want to focus on raising taxes, not spending reductions — and some don’t agree that deficits are an urgent issue at all.”