Not necessarily, but each couple’s answer to this will be different depending on their circumstances.
We live paycheck to paycheck too and I’m currently pregnant. However, we have very little debt and quite a bit saved for a down payment on a home- which could be used if we had an emergency.
Some people like to say that adding another child isn’t much more expensive than the others because you can use hand me downs, etc. However, if your child has any kind of special needs it can get really expensive really quickly (I know this from personal experience).
I think it depends on what your debt is too- a mortgage is a pretty normal debt and means you have a secure place to live. If it’s credit card debt or student loans, that’s more difficult. If you have good jobs, then you probably have decent healthcare too, so that’s a plus.
It can be generous for people to add on to their families, but also we have the responsibility to be prudent and make sure we can provide for those families. A desire for more kids does not necessarily mean that God is saying “have more kids”. Being “swamped” means different things for different families, and there is really no one right answer to your question.