Washington, DC – President Biden’s fiscal year 2022 budget submitted to Congress today is ambitious and aspirational in its spending and revenue plans. It has many admirable goals, but it is also problematic.
The magnitude and scope of public spending recently enacted because of the pandemic has driven the level of public debt to levels not seen since just after WWII. While emergency government intervention was justified to address the recent health and economic crises, a continuation of such fiscal trends will harm future generations of Americans, who will be left with the burden of both paying increasing interest costs and paying off the growing national debt.
With just 50 scheduled working days before the beginning of the new fiscal year on October 1, Congress needs to move quickly to avoid government shutdowns or worse, a government default on its obligations by failing to raise the debt ceiling. The latter is something that has never occurred in modern history.
Members of both parties must dedicate themselves to working in a bipartisan manner on investments that will spur economic growth for individuals and businesses, while also focusing on restoring fiscal stability so that future generations are not deprived of achieving their aspirations because we obligated them to pay for ours.