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FOX Business host Larry Kudlow reacts to the fight in Congress over the spending bill on ‘Kudlow.’
Good trip to the debt ceiling and that’s the theme of the riff. President-elect Donald Trump is absolutely right: get rid of the debt ceiling.
Have a good trip. Get rid of it completely! Nobody pays attention to him. It is never applied. All it does is open the door to mischievous Democratic attempts to threaten to shut down the government if Republicans don’t give up all the trillions of dollars for their ultra-liberal programs and then blame the GOP for the shutdown.
Trump is also right that he does not want to take office with a debt limit hanging over his new administration and impeding his tax cut and border closure initiatives. In fact, keeping the debt limit toothless will interfere with the new president’s entire political agenda.
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Of course! That’s why Democrats love the debt ceiling. It has no meaning, but it casts a wet pall over the fantastic Trump honeymoon he is enjoying. Democratic leaders would love nothing more than to hold Trump’s entire agenda hostage, even though voters just gave Trump a massive mandate to change policies, end Bidenomics and move toward a new Trumpian era of peace and prosperity.
If you ever look at the howls about the debt ceiling, they all come from the liberal media and politicians, who never advocate any spending restraints. Isn’t it interesting? In fact, in the current silly debate over short-term government funding and the bogus debt limit, even the mild Pay-Go requirement built into the latest debt limit deal in 2023 between then-President McCarthy and President Biden has been thrown out the window. .
There were no expense offsets for all the crazy expense increases built into the thankfully now defunct CR that went up in flames last night. What type of spending increases? Well, here are some. $100 billion in disaster relief, which is probably ten times more than it should be. $31 billion in farm aid: too much. Massive new spending on ethanol. The usual welfarist increases for food stamps and childcare, with no work requirements, as always.
Another pro football boondoggle for RFK Stadium in DC. A pay raise for Congress that might be justifiable, but it’s the wrong time for it, and then things that probably no one knows how much cost, like 70 pages of something called “pandemic preparedness.”
The CR would have buried all the J-6 committee records, something of a preemptive pardon for Liz Cheney. The only good news is that President Trump killed this continuing resolution bill.
Hopefully, he can also remove the debt limit and it’s also worth noting that Mr. Trump is getting a lot of help from Elon Musk in all of these efforts.
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In just a short period of time, Elon has become a major political force and is a force for good and is being helped by his DOGE brother, Vivek Ramaswamy, who put a sharpened pencil to the wasteful 1,500-page CR that Fortunately he was buried.
Now, I would like to see Elon partner with President Trump and completely eliminate the debt ceiling and then Mr. Trump and his team can embark on a new “Golden Age” of peace and prosperity, pressing their agenda to reduce taxes. dismantle the regulatory state, seal the border and “drill, baby, drill.” Let’s fatten the wallets of manual workers, instead of government politicians and bureaucrats and that’s the riff.
This article is adapted from Larry Kudlow’s opening commentary in the December 19, 2024 issue of “Kudlow.”
