The existing debt of $16 trillion is well beyond what it should be. Continuing to increase our debt would place an unconscionable burden on future generations yet unborn, especially since the federal government also has unfunded liabilities exceeding $80 trillion. There is no reason that the federal government needs to spend more than it takes in, which is projected to be $3 trillion this year! This debt weakens our nation by making us beholden to foreign governments and putting us on the path towards national insolvency. Massive federal borrowing also greatly reduces the amount of capital available to maintain & grow the economy. Since the political leadership in DC is incapable of restraining their spending, our only hope is to restrict spending by maintaining the current debt ceiling.
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