Rep. Darrell Issa (R-CA) reiterated the GOP’s novel solution for dealing with both the wasteful omnibus package recently passed and the debt ceiling that needs to be raised.
Interviewed Tuesday on Fox Business Network’s “Mornings With Maria,” the Republican suggested “a great tradeoff.” This proposed deal would entail cutting some of the fat out of the $1.7 trillion spending deal in exchange for increasing the limit.
Democrats, with some GOP cooperation, were able to ram through the spending measure before the new Congress was sworn in. Republicans now control the House, and many demanded the spending measure be postponed until they had the power to make needed cuts.
Issa, noting that spending is out of control, suggested that like many past compromises, there should be a tradeoff with outlays and the debt ceiling. He blamed excess spending for the federal deficit and pointed towards the looming recession as foretelling lower government revenues.
Sen. John Kennedy on debt ceiling crisis: "If you're going to have a party, you have to pay the band. If you're going to borrow money, you have to pay it back." pic.twitter.com/SNegcWKAse
— Real Mac Report (@RealMacReport) January 18, 2023
He further backed up House Speaker Kevin McCarthy’s (R-CA) assertion that the U.S. government will still maintain its “full faith and credit, but we have to get our house in order.”
Issa said commitments to a strong military and Ukraine’s defense will be kept, but at the same time excessive spending may be reined in. That, he concluded, constitutes a fair exchange for raising the debt ceiling.
The Treasury Department warned that the nation will hit its $31.4 trillion borrowing cap this week, even though it is not a hard deadline. Some worry that financial markets will react to instability amid concerns over a possible recession.
But Democrats and the White House continue to stubbornly resist Republican efforts to tie spending cuts with solving the debt ceiling dilemma.
Meanwhile, Treasury Secretary Janet Yellen reported last week that the nation would not likely exhaust its cash supply until early June.
It is important that Democrats come to grips with the new reality — Republicans control the House and must be reasonably bargained with. Spending cuts aligned with the debt ceiling increase are sound fiscal policy, and the GOP is right to hold the line and force concessions.