Speaker Kevin McCarthy is putting President Biden and Senate Democrats on the spot in the ongoing debt limit standoff by teeing up legislation that would curtail spending in exchange for raising the cap on how much the federal government can borrow to...
has refused to negotiate with House Republicans for months, arguing that because Republicans and Democrats have contributed to the more than $31 trillion national debt, both parties should come together to raise the debt limit.
In calling for a clean debt-ceiling hike, the White House cites prior instances during the Reagan and Trump administrations where Democrats and Republicans opted to raise the borrowing cap in a bipartisan fashion. Congressional Republicans say those instances, however, do not fit the current moment. They say that after two years of multitrillion dollar spending bills and decades-high inflation, the American public entrusted Republicans with control of the House so they could address the national debt.does not get to stick his fingers in his ears and refuse to listen, talk or negotiate,” said Senate Minority Leader Mitch McConnell, Kentucky Republican “The American people know that.
House Republicans are proposing to raise the debt limit until spring 2024 in exchange for capping nondefense spending and limiting future budget growth to 1% annually over the next decade. They further want to rescind Mr.‘s student loan forgiveness program, new green energy tax credits and $90.5 billion in unspent COVID-19 relief.
GOP lawmakers are also pushing to institute work requirements for social welfare programs, including Medicare and food stamps. Beyond cutting spending and restructuring the social safety net, GOP lawmakers want to overhaul the nation’s energy-permitting laws and pass legislation requiring congressional approval for new regulations with an economic impact of more than $100 million per year.
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Speaker McCarthy, House Republicans move to put Biden on defense in debt-limit fightSpeaker Kevin McCarthy is putting President Biden and Senate Democrats on the spot in the ongoing debt limit standoff by teeing up legislation that would curtail spending in exchange for raising the cap on how much the federal government can borrow to meet expenses.
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US House Speaker McCarthy pitches budget cuts for debt limit voteU.S. House of Representatives Speaker Kevin McCarthy on Monday outlined a federal spending-cut plan being sought by his fellow Republicans with ideas already floated and rejected by Democrats, and warning that these conditions must be attached to an urgently needed increase in the government's debt ceiling.
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House Speaker McCarthy opens next phase of debt ceiling fight with direct pitch to Wall StreetPresident Joe Biden has not budged on his refusal to negotiate with House Republicans over the debt limit.
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House Speaker McCarthy Vows to Pass Bill to Raise Debt Ceiling — With Spending CapHouse Speaker Kevin McCarthy pledged on Monday to pass legislation to raise the nation's debt ceiling — but on condition of capping future federal spending at 1% — as he lashed out at President Joe Biden.
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House Speaker McCarthy vows to pass debt bill - with spending cap in speech at NYSEIn a high-profile speech at the New York Stock Exchange, McCarthy, the Republican leader who is marking his 100th day as speaker, said the nation's debt load is a 'ticking time bomb' and Biden is 'missing in action' as the deadline nears to raise the debt limit.
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House Speaker Kevin McCarthy on Wall Street to deliver speech to New York Stock ExchangeHouse Speaker Kevin McCarthy will address the state of the economy and is expected to outline how Republicans plan to raise the debt ceiling for a year.
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