The new House speaker is on a mission to curb Washington profligacy.
That, combined with a growing public backlash against the shrinking value of their dollars, portend a jarring, three-word wake-up call for President Biden and his spendthrift allies: Enough is enough.
Congress has until Nov. 17 to replace the current continuing resolution with a genuine budget for fiscal 2024. At the very least, Mr. Johnson has his priorities straight. President Biden saddled Americans with a record $1.7 trillion in new debt in fiscal 2023 alone, much of it coronavirus relief that he refused to dial back once the pandemic subsided. The nation’s muscular, 4.9% third-quarter annualized gross domestic product is likely the final spurt of the dollar-devouring machine before the government-led financial fuel runs dry.
Mr. Johnson is promoting the establishment of a bipartisan House debt commission. His plan may be the triumph of hope over experience, though: Spinning off troubles for study is Washington’s way of sidelining them. With the clock ticking toward a government shutdown next month, only slash-and-burn tactics — which neither party relishes — promise quick results.
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