Unfortunately, hardly anyone could honestly call Federal budgets wise, careful, or fair. So, it's our moral duty to make sure that we can justify every one of your tax dollars, that we spend them wisely and carefully and, just as important, fairly. Every dollar the government gives to someone has to first be taken away from someone else. Every dollar the government spends comes out of your pockets. They talk as if spending were all giving and no taking. You know, sometimes the big spenders in Congress talk as if all that money they spend just kind of magically appears on their doorstep, a gift from the Internal Revenue Service. Overspending is the subject we must now address - how budgets got so far out of balance and, yes, what together we can and must do to correct this. The simple truth is: No matter how hard you work, no matter how strong this economy grows, no matter how much more tax money comes to Washington, it won't amount to a hill of beans if government won't curb its endless appetite to spend. And yet all our progress, all the good we've accomplished so far, and all our dreams for the future could be wrecked if we do not overcome our one giant obstacle. So many good things lie ahead for America. We must seize this historic moment to shape America's future - to completely overhaul our tax code, changing it from a source of confusion and contempt to a model of fairness and simplicity, with strong, new incentives for even greater growth. A new generation of entrepreneurs is coming up, pointing us toward a 21st century full of amazing change and vast new opportunities. Once again, the United States is the flagship economy for the world. Now that our program is working, you may have noticed they're not calling it Reaganomics anymore. We're into our 29th straight month of economic growth, with inflation staying down and more of us working than ever before - that's 8 million new jobs. You turned America around - turned around her confidence, turned around her economy, turned around over a decade of one national nightmare after another. We asked for your help then, and you gave it to us. We wanted America to rediscover opportunity. But we also knew the answer to a government that's too fat is to stop feeding its growth. We knew that letting you keep more of your earnings to get our economy moving again would be resisted by the old guard in Washington. We knew it would take a great effort to turn that around. You might remember April 1981: a time when our defenses were weak, inflation still in double digits, and economic growth almost dead from a government that taxed too much and spent even more than it taxed. That was the program the spenders said wouldn't work, and they called it Reaganomics. Just 4 years ago this week, I asked your support for our bipartisan recovery program. Throughout our history, we Americans have been willing to meet great challenges and do what is right when our destiny demanded it. The threads of our past, present, and future as a nation will soon converge on the single overriding question before that body: Can we at last, after decades of drift, neglect, and excess, put our fiscal house in order? Can we assure a strong and prosperous future for ourselves, our children, and their children by adopting a plan that will compel the Federal Government to end the dangerous addiction to deficit spending and finally live within its means? Today the United States Senate began a rendezvous with history. Amid consumer anxiety over the uncertainty, financial experts warn against making fear-based decisions.I must speak to you tonight about a serious problem that demands your immediate attention. If the debt limit is breached, Biden warned that it could send the U.S. What is at stake? Invoking the 14th Amendment to dodge the debt limit is risky, White House officials say, although Biden has floated it as an option. Here’s when the debt ceiling battle could end. In this comic, see how hitting the debt ceiling could unleash chaos. Understanding the debt ceiling fight : Biden and the House Republican leadership have been on a collision course over the national debt limit. If the debt ceiling isn’t raised by the deadline, here’s what a government default means and the payments at risk. See how each member of the House and Senate voted. The latest: The House and Senate passed a debt ceiling deal as lawmakers rush to avert a disastrous government default on June 5, sending the bill to President Biden to sign into law.
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