Biden: Trump's 'Reckless Tax & Spending Policies' Mean Debt Ceiling Needs Raising
'Reckless tax and spending policies under the previous Trump administration'
Demcorat Joe Biden blamed Donald Trump's "reckless tax and spending policies" for the need to raise the debt ceiling.
Biden recently blamed Republicans for "blocking" Democrats' plans to raise the debt ceiling in 2022.
"The reason we have to raise the debt limit is, in part, because of the reckless tax and spending policies under the previous Trump administration," Biden said.
"In four years, they incurred nearly $8 trillion. In four years, $8 trillion in additional debt and bills we have to now pay off."
"That's more than a quarter of the entire debt incurred now outstanding after more than 200 years."
"The reason we have to raise the debt limit is, in part, because of the reckless tax and spend policies under the previous Trump Admin," President Biden says.— MSNBC (@MSNBC) October 4, 2021
"In four years, they incurred nearly $8 trillion." pic.twitter.com/M7uyFKXNM5
Under the Obama-Biden administration, the national debt almost doubled (from approximately $10 trillion to $20 trillion) as America experienced its first trillion-dollar-plus deficits ever.
Obama's first few years saw deficits of over $1 trillion.
In the first three years of Trump's presidency, there were no trillion-dollar or more deficits, and the nation experienced economic growth as unemployment plummeted.
When the pandemic hit, the federal government began spending more as the economy shut down.
The Democrats signed into law the nearly $2 trillion American Rescue Plan with Biden's support in March.
The Demcorats also like to demonize Trump's Tax Cuts and Jobs Act, calling it reckless tax-and-spend ways.
Senate Minority Leader Mitch McConnell said if Biden wants to raise the debt ceiling, they would have to do it on their own.
"McConnell for months has said that Democrats should use the budget reconciliation process to get around the Senate's filibuster rule, which requires 60 of 100 members to agree to pass most legislation. Senate Majority Leader Chuck Schumer, a Democrat, has refused to use that approach, and Biden on Monday pleaded for Republicans not to block action with the filibuster," Reuters reported.
McConnell noted in a Monday letter to Biden:
"All year, your party has chosen to pursue staggering, 'transformational' spending through unprecedented use of the party-line reconciliation process."
My letter to President Biden this morning on congressional Democrats’ duty to handle the debt limit: pic.twitter.com/U3G9QMPJwY— Leader McConnell (@LeaderMcConnell) October 4, 2021
He noted how now wish to spend trillions more without Republican support.
"Bipartisanship is not a light switch that Speaker [Nancy] Pelosi and [Senate Majority] Leader [Chuck] Schumer may flip on to borrow money and flip off to spend it," McConnell said.
"Republicans' position is simple. We have no list of demands. For two and a half months, we have simply warned that since your party wishes to govern alone, it must handle the debt limit alone as well."