Tom Wright

Stated another way, the U.S. has a $37 trillion national debt and we all owe a portion. How did we get here? Our Congress spends more than the government takes in through revenue. The last time the U.S. had a balanced budget was in 2001, under President Bill Clinton, when Newt Gingrich led the House. Balancing the budget doesn’t mean we would be debt free, but it would demonstrate fiscal responsibility. The last time the U.S. was debt free was in 1835, under President Andrew Jackson.

Understanding this is important because the GOP-controlled House of Representatives narrowly passed the reconciliation bill, a measure being called “President Trump’s One Big Beautiful Bill” because it contains both expanded spending and cuts, on which he campaigned. The now goes to the Senate, which is not likely to approve it without making changes and adding amendments.

The bill proposes making the tax cuts of 2017 permanent. It focuses on tax reductions for middle-and-lower-income Americans by eliminating taxes on tips, overtime income and social security benefits. It proposes funding for border security, including removal of illegal immigrants and continued construction of the border wall. It proposes modest cuts to Medicaid and other social programs, imposing work requirements and compliance measures. It is intended to stimulate economic growth, through tax and regulation relief. It also raises the debt ceiling.

On the surface this seems like a pretty good deal, but some Senate GOP leaders are resisting raising the debt ceiling, while promising to cut spending. Cutting social programs is another rub.

Spending originates in the House of Representatives. The president presents a budget to the House for consideration, which entails debate in numerous committees. In this Republican controlled House, the president was able to garner a one vote majority to advance his promised agenda. Enter, the Resistance.

Opposition by Democrats in the Senate, along with a few Republicans, could prevent the Trump agenda from advancing. For the opposition, what could be sweeter?

The Biden administration borrowed $7 trillion and ran up the national debt to $37 trillion, leaving the government with a $3 billion-per-day interest payment. President Trump wants to stimulate economic expansion to increase government revenue by giving tax incentives while reducing social programs. Confused yet? Federal Reserve Chairman Jerome Powell has refused to lower interest rates, despite growing employment reports, lower inflation, lower energy costs and increasing corporate profits, which mean savings, increased job growth and increased tax revenue. A lower mortgage rate would stimulate home sales and business expansion. Powell and the president don’t get along. Does Powell want to see the Trump agenda fail?

The Department of Government Efficiency has found billions in waste and misuse in government spending – some of it in social programs, even where illegal aliens are riding the Medicaid horse. Congress is not advocating massive cuts in Medicare or eliminating the SNAP program but is attempting to reign in wasteful spending and fraud. Gov. Michelle

Lujan Grisham claims the cuts will cause the death of many in New Mexico while ignoring mounting debt, the need for spending reform, and isolated inefficiency that hinders responsible government assistance. Instead, our governor disgorges verbal hatred toward President Trump, as an alternative to offering solutions of her own. Could she also be among those who want to see the Trump agenda fail?

Budget sobriety depends on Congress and numerous Congresses have created the debt mess, though often at the suggestion of presidents. It is time for responsible politicians to retire their partisan opinions and find solutions for the people of this country and not simply resisting, just to see the president’s agenda fail. Such behavior is childish and irresponsible and offers no solutions to debt resolution. A bipartisan supermajority may be impossible for the reconciliation bill, but I do hope the Senate refuses to raise the debt ceiling. A higher ceiling is a temptation to spend.

Tom Wright is a Santa Fe columnist and El Rito Media investor.