Bipartisan effort needed to raise US debt over 230 years.
The US national debt has been steadily increasing over the past two decades, with both Republican and Democratic administrations having a hand in its growth. In 2001, the debt stood at around $5.8 trillion, and by the time President Obama left office, it had nearly doubled to just shy of $20 trillion. During President Trump’s four years in office, the debt rose by $7.8 trillion, and in the first two years of President Biden’s term, it has already grown by $3.6 trillion.
Senator Dick Durbin recently urged President Biden not to negotiate with Republicans on raising the debt, citing the fact that 24.8% of the debt was accumulated during Trump’s term. However, it is important to note that the majority of the debt has been accumulated over the past two decades under both Republican and Democratic administrations.
In order to effectively address the increasing US debt, it is essential that both parties come together and work towards a bipartisan solution. It is clear that the debt cannot be attributed to one party alone, and that both Republicans and Democrats need to be held accountable for the current situation. For example, a combination of tax cuts and spending increases can be used to reduce the debt, or a debt ceiling can be put in place to limit the amount of debt that can be accumulated.
In order to ensure the long-term sustainability of the US economy, it is essential that both parties come together to address the growing national debt. A bipartisan effort is needed to ensure that the debt is reduced in a responsible and effective manner. This may include a combination of tax cuts and spending increases, as well as a debt ceiling to limit the amount of debt that can be accumulated. Ultimately, both parties must work together to ensure the future financial security of the country.