President Joe Biden and Democrats in Congress charged taxpayers $6 trillion for their liberal spending spree over the last two years. From the American Rescue Plan, which failed to rescue our economy, to the Inflation Reduction Act, which failed to reduce inflation, Democrats have fueled price hikes for everyday necessities and taxed families to pay for their wasteful agenda. Ultimately, this tax-and-spend mentality will stymie economic growth, indebt our country to our adversaries, and threaten our prosperity. In our Commitment to America, Republicans will work to balance the federal budget, end wasteful spending, and strengthen our economy.
First, we need to balance our federal budget. Every family lives on a budget, and Congress should operate no differently. Misleading philosophies such as Modern Monetary Theory — which wrongfully presupposes that our debt can grow exponentially with no consequences — embolden geopolitical foes such as China at the expense of our long-term financial security. According to the U.S. Treasury Department, China holds nearly $1 trillion of our debt, which amounts to roughly 14% of all foreign-held U.S. debt.
