Staff Reports
During a Senate Appropriations Committee hearing on Wednesday, Republican Senator John Kennedy of Louisiana took Treasury Secretary Janet Yellen to task for the unsustainable levels of debt the Biden administration is proposing. Kennedy grilled Yellen on how much debt is “unsustainable,” pointing out that the federal debt is projected to increase by $18 trillion over 10 years. In response, Yellen attempted to defend the administration’s actions, claiming that the size of the US economy would be able to handle the debt. However, Kennedy remained skeptical, noting that the debt would rise to a staggering $51 trillion from its current level of approximately $33 trillion.
Sen. John Kennedy Grills Biden Treasury Secretary On ‘Unsustainable’ Debt https://t.co/JABpMlLZJg
— Daily Caller (@DailyCaller) March 23, 2023
Yellen’s response to Kennedy’s questioning came during her defense of President Biden’s proposed budget for fiscal year 2024, which includes over $5 trillion in new tax increases. These taxes include a 20% increase in the capital gains tax rate and a 7.6% increase in the top income tax rate. Despite this, Yellen insisted that the debt was “sustainable” and that the US economy was large enough to handle it.
Throughout the hearing, Kennedy remained skeptical of Yellen’s claims, repeatedly asking how much debt was too much. He even went as far as to compare the administration’s budget to heart attacks and strokes. Yellen, for her part, was forced to defend the budget and to explain the administration’s approach to handling the ballooning national debt.
Unfortunately for Yellen and the Biden administration, Senator Kennedy’s line of questioning revealed that the administration has no real plan for managing the nation’s skyrocketing debt. While Yellen attempted to dodge Kennedy’s questions, he persisted in exposing the administration’s lack of fiscal responsibility. Conservative Americans can only hope that more lawmakers like Kennedy will step up and push back against the out-of-control spending in Washington.
