The Bible certainly speaks against debt. Romans 31:8 says “Owenoman anything, but to love one another: for he that loveth another hath fulfilled the law.”
Furthermore, we will not be able to pay off this debt. We will leave an inheritance of debt for our children and grandchildren. I do not think this is the kind of inheritance mentioned in Proverbs 13:22, which says, “A good [man] leaveth an inheritance to his children's children.” We should leave an inheritance of prosperity for our children.
We should also leave an inheritance of freedom. God wants His people to be free. We are a Christian nation and God has many people in this country He wants to protect from oppression. “Who the Son has set free is free indeed.” As long as we are a nation of borrowers we cannot be completely free. Proverbs 22:7 says, “The rich ruleth over the poor, and the borrower is servant to the lender.”
What about the rich poor dynamic? In a free market system everyone has a chance to be rich, instead of everyone being equally poor. In a society where people are free to be rich, God will bring money to those who do His will, which includes helping the poor.
The Bible does talk about giving to the poor. However, I do not remember Jesus saying, “Caesar, give others people’s money that you collected through taxes to the poor.” God’s people are charged with the responsibility of caring for the poor. We should not push this responsibility off onto the government. We could give to charities that provide medical care or help people pay medical bills. We could start a fund at church to help with medical expenses. We can help a neighbor who needs surgery. We should not ask the government to take care of the poor and force our children and taxpaying citizens to foot the bill.