WATCH: Nancy Pelosi Slams Donald Trump, Says Unlike Him, U.S. Must Pay Our Bills
Nancy Pelosi is explaining why it’s necessary to raise the debt ceiling and pass a funding bill to avoid a government shutdown. In doing so, she took quick shot at the former president, who she described as having a reputation for not taking care of his financial obligations, and indicated that the United States government has to do better than that.
In the clip below, via The Recount, Pelosi is addressing the failure of Congress to pass a budget bill — or rather, the obstruction that’s preventing the passage. She said she hoped with this airing on Fox News, a lot of constituents would write to their representatives and say that the country shouldn’t renege on the national debt.
"You know, the former president was famous for not paying his bills. They want to do that again. But we cannot let them do that and jeopardize our economy."
— House Speaker Nancy Pelosi on a potential government shutdown if Republicans refuse to raise the debt ceiling. pic.twitter.com/nLpWNTuQAe
— The Recount (@therecount) September 23, 2021
“It’s about paying. You know, the former president was famous for not paying his bills. They want to do that again. But we cannot let them do that and jeopardize our economy.”
The Washington Post has a thorough explainer of how the debt ceiling came to be, and the process by which the U.S. Treasury regularly requests Congress to raise it. Despite the common misconception, the debt ceiling isn’t raised for future spending, but to allow the Treasury to borrow money to pay bills that have already come due — in this case, that includes tax cuts Republicans and Donald Trump rammed through for the wealthy in 2017.
“…raising the debt ceiling today pays for yesterday’s bills. Specifically, spending authorized when Republicans were in power. The national debt grew exponentially during Donald Trump’s presidency, approaching World War II levels at 128 percent of the gross domestic product. The national debt stands at about $28 trillion at this point, and it rose by about $7.8 trillion under Trump…”