The so-called “Big Beautiful Bill” created by the Republican controlled Congress and backed by President Trump is getting significant pushback from conservatives and big names like Senator Rand Paul and Elon Musk. In our opinion, the pushback is well deserved.
Last week we wrote how the bill never cuts spending, while keeping America on the unsustainable path of large federal deficits. In fact, on page 1,116 of the bill, Republicans are actually increasing the debt limit by $4 Trillion.
Someone who is speaking truth about the shortfalls of the BBB is Kentucky Senator Rand Paul. He went on CNBC to discuss.
Host: Senator, when you talk about these competing factions, the 4 or 5 of you who want to cut spending versus the 4 or 5 of you who don’t want cuts, what determines who wins out on that front? Because that’s kind of where all the handicapping is taking place right now.
Paul: I’m open to voting for the bill. I’m open to compromise on the bill. I’m just not open to supporting 5 trillion. This will in debt ceiling increase. This will be the first time the debt ceiling has ever been increased by all Republicans. It will be the first time that conservatives lose their moral high ground by voting for a debt ceiling increase, and not a small debt ceiling increase.
Senator Paul then defines exactly why this is a problem:
Paul: This will be historically the greatest increase in the debt ceiling ever in our history. At a time when we’re having trouble selling the ten year bond, we’re having interest rates at 5%. We also are having the interest payment over $1 trillion. Imagine what happens if the, you know, the interest payment double. We’re paying on average about 3.5%. Now we’re paying 1.7% on the debt. What if it doubles again? I think it will be unmanageable and it’ll crowd out all other spending. So I think we have to take a draw a line in the sand and take a stand here.
Joining Sen. Paul in his disdain for the BBB is Elon Musk, who tweeted a couple times about the bill on X this afternoon:
Solution:
One thing is for sure, our National Debt is a ticking time bomb. With interest rates on the rise and trillions added each year, it’s a matter of time before the U.S. defaults or heavily relies on the printing press to cover the interest payments. It’s more likely going to be the latter.
Senator Paul offered a good solution: cut each department and major spending item by 6% across the board. A strategy void of picking winners and losers might be the most practical approach in Washington.
