National Debt: The Latest Word

Well, here we are in 2011, with the new Congress starting work, and one of the subjects being talked about is the national debt. Personally, I don't think either party has a stellar reputation for dealing with the national debt, but we'd be stupid to listen to the Democrats on this subject. Why?

When the Democrats took control of Congress in 2007, our national debt was $8.67 trillion... a large sum, to be sure. After four years of Democrat control of Congress and two years of Obama, our national debt now stands at a mind-numbing $13.87 trillion. That means that Pelosi, Reid, and Obama have racked up $5.2 trillion in debt in just over four years.

I'm sorry, but the party fully responsible for increasing our debt by 60% in four short years has zero credibility when it comes to getting spending under control and paying down the debt.

Right?


But there's more. The GOP has been talking about fiscal responsibility and the national debt ever since the November election, and now that they're actually in office a big test will be that very debt. You see, Congress will face a vote sometime this year on whether or not to increase the nation's debt limit. If they don't do so, they'll either face immediate financial disaster or have to drastically cut spending to keep spending within limits of our tax revenue. If they DO vote to increase the debt limit, they'll lose at least some credibility with their new-found passion for fiscal restraint.

So it's going to be a tough vote for them to take. Personally, I think that the more they increase the debt limit, the less likely they are to get the budget under control. If the GOP bows to the "we must go deeper into debt" argument, they surrender their pledge of fiscal responsibility.

I don't know how practical that is, but I believe it's the harsh reality.