NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — Creighton University economist Ernie Goss said the consequences for not passing a debt ceiling increase were just too much to bear, so Congress did the right thing in putting a deal on President Biden's desk.
"I would have held my nose and voted yes," Goss said. "The options were not good. The option that would have taken place had they not accepted that bill, you would have, Social Security payments would be delayed, delayed payments to veterans, other things. It would weaken the standing of the U.S. dollar in the global market. That's not a good thing."
More Democrats actually voted for the deal than Republicans in the House.
"President Biden did have to give in on some issues, but not enough," Goss said. "We're going to still see spending growing at unparalleled paces. The debt is going to continue to grow. It will probably grow from currently $32 to $33 trillion, that's with a T, up to $34 trillion. We'll probably have a deficit this year approaching $2 trillion."
Living within government's means, however? Not exactly the current strong suit of Congress, according to Goss.
"One thing that Republicans and Democrats seem to agree on is more spending," Goss said. "The difference is on the tax side. What happens is the Democrats want to increase taxes to eliminate some of the deficit and debt and the Republicans just want to cut spending. Of course, that doesn't work. What happens, of course, is the debt grows, as it has, it's grown significantly since COVID-19. We're talking about growing from $24 trillion to now $32 to $33 trillion, just since the beginning of the pandemic."
President Biden is expected to sign the deal and speak about it Saturday.
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