Nonpartisan Commission To Feds: Stop Borrowing Money!

As Democrats continue to push for borrowing and spending trillions more in taxpayer dollars, a new nonpartisan budget committee is raising the alarm.

The Committee for a Responsible Budget released message to lawmakers Tuesday making clear that COVID is no excuse for going into more federal debt.

“The Omicron variant represents a real public health and economic threat, and policymakers should take it seriously,” said Maya MacGuineas, the group’s president. “It is unclear if new federal dollars will be needed, but if they are, any new funds should be limited to where they are truly needed, and fully paid for so they don’t add more to the debt or exacerbate inflation.”

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The group went on to point out that much of the federal funds previously allocated have still not been spent.

“Between the $900 billion of COVID relief allocated to state and local governments and the $4 trillion of additional COVID relief, there are still substantial resources available to respond to the pandemic,” MacGuineas said. “Before the federal policymakers allocate another dollar, they should show how much has been spent already, what remains, what could be repurposed, and why new funding is justified. Any new spending should be well-targeted to specific needs.”

The message? No more debt.

“Any new COVID spending should be fully paid for – either by repurposing prior spending or with new revenue or spending reductions. While borrowing was needed to help the economy during the recession, economic conditions are very different now, and more borrowing would make the debt and inflation worse,” MacGuineas added. “With inflation at the highest level in three decades and the unemployment rate below 4 percent, there is no justification for further fiscal stimulus.”

Want more financial news? Catch Trish Regan’s podcast HERE.

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