Former Trump economic adviser Moore says Republicans have to hold the line on debt ceiling

'We are going to have a financial crisis in this country if we don't do something right now,' Steve Moore said

Updated: January 24, 2023 - 3:06pm

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    Former Trump economic adviser Steve Moore said Tuesday the congressional must stand firm in the negotiations with the White House on raising the U.S. debt ceiling and the economy are something that the Republicans need to get under control. 

    "I think Republicans cannot blink here," Moore said on the John Solomon Reports podcast. "I think they have to stand on this Rock of Gibraltar and say, 'We're not moving. We're not gonna raise the debt ceiling until we have some kind of budget deal that puts us on a more sane financial course.' "

    House Speaker Kevin McCarthy and President Biden have agree to meet over the matter, but no date has been set. Republicans asking for spending cuts in exchange for agreeing to raise the debt ceiling to keep the U.S. from defaulting on its loans.

    The United States recently hit its $3.14 trillion debt limit, resulting in the Treasury Department announcing it would be taking "extraordinary measures" to resolve the issue.

    "We are going to have a financial crisis in this country if we don't do something right now," Moore stated. "There's not a day to lose." 

    A recent poll put out by Rasmussen Reports showed that at least 56% of Americans would prefer a government shut down if it meant that congress could put together a budget and get spending under control.

    "This is a moral fight that is good economics," Moore noted. And I think that if the Republicans frame this in the right way, they will prevail."

    "As someone who's followed fiscal policy – that's my area of expertise for 35 years – the only time we've ever really gotten major deals, whether it's going back to the Reagan years or when Barack Obama was president, was when we use the debt ceiling as the kind of leverage to get a budget deal," he also said.