Scott Perry: 1984 Biden was right – control spending before raising debt ceiling

“I cannot agree to vote for a full increase in the debt without any assurance that steps will be taken early next year to reduce the alarming increase in the deficits and the debt.”

Few would be surprised if the quote were mine, since I'm fighting daily to make fiscal sanity and responsible spending firm conditions for raising America’s debt ceiling.

Ironically though, these words belong to then-Senator Joe Biden (D-DE), in his October 1984 speech, extolling the virtues of reining in spending before Congress mindlessly expanded the national debt. 

For those playing at home – and we all are – the debt ceiling is the amount of money the federal government has borrowed over time to cover the expenses for which it allocates.

Most sane economists and legislators agree that the higher the National debt, the higher the taxes on things like our wages and retirement, higher interest rates for consumers and job creators, and the less funding available for critical things like defense and infrastructure.  Legislators on both sides of the aisle once declared that controlling our National debt was essential to preserving our National security.

Times have indeed changed.  And so has Joe Biden.

Consider that Senator Biden wanted to blunt spending when America’s debt stood at just $1.6 trillion - or 39.6 percent of our Gross Domestic Product (GDP).  Today’s President Biden is staring down the barrel of $31 Trillion in National debt – a gut-busting 124 percent of GDP – and demanding that Congress give him a blank check to increase America’s credit card limit, with absolutely no boundaries.

1984 Biden would think that foolish, as do most Americans, with only 31% approving President Biden’s handling of the economy (AP-NORC Poll).  Americans rightfully demand their government live much like they do – within its means.

I was honored to lead the recent fight and vote to end the debt ceiling status quo, by helping to author the Limit, Grow and Save Act ("the debt ceiling bill"), which passed the House last week.

To be clear, this groundbreaking legislation raises the debt ceiling, which I've never before supported, and which would end all talk of America defaulting on our debts.  Of greatest significance, it ends the status quo of reckless spending and endless money printing for the American Taxpayer. This isn't just cutting the increases, folks; it's actually saving money and growing our economy - for the first time.

Not only does this legislation result in an unprecedented $4.8 trillion in savings over 10 years, but it includes several measures that represent real savings for the American Taxpayer right out of the gate.

First, it unleashes the awesome power of American energy independence.  It increases the production of reliable domestic energy, and ends federal regulations and subsidies that not only killed American jobs, but increased your pain at the pump and your skyrocketing home energy bills.

Next, it repeals President Biden’s $400 billon student loan bailout – an absurd and unconstitutional reapportionment of debt from those who incurred and benefitted from it to those who didn’t.

Moreover, it recoups the $80 billion in IRS expansion funds that would hire 87,000 more IRS agents (that aren't even remotely needed), and claws back billions in unspent/unnecessary COVID-19 funds.

In addition, the bill sets discretionary spending back to pre-pandemic levels, then caps it there for 10 years, giving Taxpayers some breathing room to save even more in the future by using the appropriations process to target the many abuses and disasters caused by the Biden Administration.

Most importantly, these caps put our budget on a path to balance, all while protecting Social Security retirement, Medicare benefits, and all Veterans’ benefits. Let me repeat that for all the folks bamboozled by President Biden’s lying, fear and smear campaign so often regurgitated by pundits and many in the media: this bill does not touch one dollar of Social Security, Medicare, or Veterans’ benefits.

The ball is now squarely in President Biden’s court, and that should be a scary prospect for Americans who until just recently have watched him defiantly refuse to negotiate with House Republicans for the better part of three months, all while fanning the flames with his constant personal attacks and outright misinformation.

If the polling numbers aren’t enough, President Biden must now face Americans who are thoroughly fed up with the economic illiteracy of a president who’s been willfully negligent and disconnected from the harm he’s caused our families, workers, and job creators.

Maybe he should reintroduce himself to 1984 Biden, who at least had the sense to know you can’t extinguish an economic fire by pouring gas on it.

Republican U.S. Rep. Scott Perry resides in York County and is a member of the House Oversight, Foreign Affairs, and Transportation and Infrastructure Committees. 

This article originally appeared on York Daily Record: Scott Perry: 1984 Biden was right on spending, debt ceiling