{"id":1933749,"date":"2023-05-19T01:41:24","date_gmt":"2023-05-19T05:41:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rep-scott-perry-says-debt-limit-impacts-everyone\/"},"modified":"2023-05-19T01:45:30","modified_gmt":"2023-05-19T05:45:30","slug":"rep-scott-perry-says-debt-limit-impacts-everyone","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rep-scott-perry-says-debt-limit-impacts-everyone\/","title":{"rendered":"Debt limit affects all, says Rep. Scott Perry."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frep-scott-perry-says-debt-limit-impacts-everyone%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1933749&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Why Americans Should Be Concerned About Debt Limit Discussions in Congress<\/h2>\n<h3>Impact on Consumers<\/h3>\n<p>According to U.S. Rep. Scott Perry, a Pennsylvania Republican, all Americans should be concerned with debt limit discussions in Congress because the fallout from these decisions affects everyone. Consumers see it in inflation, with increased prices at grocery stores, gas stations, and most other places. \u201cWe keep flooding the economy by spending trillions and trillions of dollars that actually don\u2019t even exist. So, every dollar that you have is actually worth a little bit less than $1 every time we do that,\u201d Perry told The Epoch Times. \u201cIf you\u2019re sick of paying the high prices, and the unaffordability of things and the tough choices that you have, you should be concerned about what we\u2019re dealing with in Washington.\u201d<\/p>\n<h3>The Debt Ceiling<\/h3>\n<p>The national debt is $31.46 trillion, 20 percent more than the economy. Think of the debt ceiling as a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mcconnell-says-republicans-wont-help-democrats-pay-for-socialist-shopping-list-in-debt-ceiling-fight\/\" title=\"McConnell Says Republicans Won\u2019t Help Democrats Pay For \u2018Socialist Shopping List\u2019 In Debt Ceiling Fight\">credit card limit<\/a>. \u201cThe Biden administration and the Democrats in Congress are saying we have reached the credit card limit, and we just demand you increase the limit and pay the bill,\u201d Perry said. \u201cWhat Republicans have said is okay, we didn\u2019t vote for it, we don\u2019t agree with it, but we\u2019ll pay the bill because that\u2019s the right thing to do. But in order to pay the bill, we want to discuss with our colleagues on the other side of the aisle that did all the spending, changing their spending habits so that we don\u2019t end up having this situation in six months or a year or whatever. We want to change it so we don\u2019t keep doing this.\u201d<\/p>\n<h3>Limit, Save, Grow Act<\/h3>\n<p>The House passed the Limit, Save, Grow Act last month that would return total discretionary spending to the Fiscal Year 2022 level in fiscal year 2024 and cap annual growth at 1 percent for a decade. Senate Republicans have expressed support for the act. It would rescind unspent COVID relief funds; repeal most of the Inflation Reduction Act\u2019s energy and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rep-scott-perry-says-debt-limit-impacts-everyone\/\" title=\"Debt limit affects all, says Rep. Scott Perry.\">climate tax credit expansions<\/a>; rescind that act\u2019s new Internal Revenue Service funding; make changes to energy, regulatory, and permitting policies; and impose or expand work requirements for certain able-bodied, childless recipients of Medicaid, the Supplemental Nutrition Assistance Program (SNAP), and Temporary Assistance for Needy Families (TANF). The plan would also prevent the implementation of President Joe Biden\u2019s student debt cancellation and income-driven repayment expansion.<\/p>\n<p>\u201cWhat we\u2019re saying is that we have agreed as a government that we\u2019re going to pay for certain things, but we haven\u2019t paid for them yet,\u201d Perry said. \u201cWe have agreed that we\u2019re going to pay for more COVID pandemic spending. Well, the pandemic is over, so we\u2019re saying, instead of sending out that money that is waiting to be sent out, let\u2019s put it towards the credit card limit so that we don\u2019t have to raise the limit as much.\u201d<\/p>\n<h3>Biden Offers \u201cNothing of Consequence\u201d<\/h3>\n<p>Biden opposed negotiations for months until Wednesday, when he said he would consider expanding some work requirements. But after backlash from Democrats, Biden said any expansion would be \u201cnothing of consequence.\u201d The president left the U.S. Wednesday to attend the G-7 Summit in Japan. \u201cIt just shows you his priorities,\u201d Perry said. \u201cWe\u2019ve got issues right here at home that affect what are our allies and adversaries abroad think of us. So while the country is careening towards a Democrat default, he\u2019s out roaming around the world, glad-handing with people from other countries and disregarding the people in his own country.\u201d<\/p>\n<h3>Critical National Security Implications<\/h3>\n<p>The implications of default go beyond the consumer\u2019s pocketbook. The world is watching, Perry said. \u201cChina is probably whispering in the ear of all our allies saying, \u2018look at America. They can\u2019t get it together. They are intoxicated and addicted to debt. They can\u2019t seem to solve the equation. They are divided, and you should look at the Chinese investments and the China model, and we\u2019re your friends. Don\u2019t keep hanging around with these crazy Americans.\u2019 I think that\u2019s what they\u2019re saying.\u201d Perry believes the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-pulls-65-pending-trump-executive-orders\/\" title=\"Biden Pulls 65 Pending Trump Executive Orders\">national security implications<\/a> are critical.<\/p>\n<ul>\n<li>China, Russia and our adversaries are opposing us every single day in real ways.<\/li>\n<li>They\u2019re mining in Ecuador.<\/li>\n<li>They are selling fuel, in disregard of the sanctions, to one another.<\/li>\n<li>They are investing in co<\/li>\n<\/ul>\n<p>Interest on today\u2019s national debt is snowballing. \u201cIf we do nothing, we will pay more in interest in the next 10 years than we paid in the last 83 years,\u201d U.S. House Speaker Kevin McCarthy (California-R) said Wednesday in a rare bicameral Republican press conference. If the ceiling is not raised, The United States could default on its debt by June 1, Janet Yellen, secretary of the U.S. Treasury, said this week. The Treasury has raised interest rates in an attempt to curb inflation. Short-term consumer loan rates for items like car loans are around 7 percent for those with good credit. Long-term rates, such as 30-year mortgages, are at 6.6 percent.<\/p>\n<p>\u201cIf you\u2019re trying to buy a home right now and you were hoping to get a 2.5 percent interest rate, you can forget that because the Fed keeps on raising the interest rates to try and bring things back into alignment. And what they\u2019re doing is they\u2019re shutting down the housing market and everything that\u2019s associated with it,\u201d Perry said, listing some of the industries associated with home construction, such as faucet sales and manufacturers, lumber and labor, all hurt by high interest rates and the resulting softening housing market.<\/p>\n<p>\u201cSo instead of hiring more IRS agents, put that money towards the debt ceiling and the credit card limit,\u201d Perry said. \u201cPeople have to understand, we\u2019re spending $1.30 For every dollar that the federal government takes in, in taxes. You don\u2019t have to be a rocket scientist to know that it just can\u2019t add up.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Rep. Scott Perry, a Pennsylvania Republican, warns that Americans must pay attention to debt limit talks in Congress as the decisions made will impact everyone. Inflation is already affecting consumers with rising prices at grocery stores, gas stations, and other places. Perry believes that excessive spending is flooding the economy with trillions of dollars.<\/p>\n","protected":false},"author":104,"featured_media":1933750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[7589,5487,6612,14815,7129,8063],"class_list":["post-1933749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-all","tag-debt","tag-limit","tag-perry","tag-rep","tag-scott"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1933749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/104"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1933749"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1933749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1933750"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1933749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1933749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1933749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}