Yes, Federal Debt Is Out of Control. But This Is Not the Time to Pinch Pennies.

Senate Republicans are right to be worried about rising federal debt. But they are wrong to artificially limit the level of spending in the latest coronavirus relief package.

Make no mistake, the federal debt is spiraling out of control. It had been rising at roughly $1 trillion a year before the pandemic sent the economy into a tailspin (in part because of the 2017 tax cuts). The federal debt held by the public has risen by an unprecedented $3.4 trillion since just Jan. 1, and now stands at an astronomical $20.6 trillion. As Democrats propose adding another $4 trillion to that total in the relief bill that has passed the House, it’s no wonder that some Republicans think enough is enough.