HR4 7-19-20211

Biden Treasury Secretary Janet Yellen is ringing alarm bells, trying to shame Republicans into voting to raise the federal debt ceiling. In a Wall Street journal op-ed, she argues: “The U.S. has always paid its bills on time and the overwhelming consensus among economists and Treasury officials of both parties is that failing to raise the debt ceiling would produce widespread economic catastrophe.”

Over 30 years ago, then-presidential candidate George H.W. Bush stood onstage at the Republican National Convention and infamously promised, “Read my lips, no new taxes.” That promise may have won him the election, but it was also his undoing as he would later sign a budget reconciliation bill that included tax increases.

In recent weeks, President Joe Biden and his allies in Congress have pushed harder than ever to pass their radical $3.5 trillion budget.