McCarthy said the House would take up bills to cut spending and raise the debt ceiling
House Speaker Kevin McCarthy promised to pass the bill on Monday raise the national debt ceiling — on the condition that future federal spending be capped at 1% — for lashing out at President Biden for refusing to participate in budget cut negotiations to prevent a debt crisis.
In a high-profile speech at the New York Stock Exchange, Republican leader McCarthy is the leader of the Republican Party entering his 100th day as chairman, calling the nation’s debt burden a “time bomb” and Biden “missing”. said it is. The deadline for raising the debt limit is approaching.
“Undoubtedly, the longer we wait for President Biden to get smarter and find a deal, the more likely this administration will default on its debt for the first time in our nation’s history.” The point is that defaulting is not an option, but neither is there an economic future that does not work for working Americans, higher taxes, higher interest rates, a growing reliance on China.”
His Wall Street speech was one in which Washington potential financial crisis On the need to raise the national debt ceiling, currently at $31 trillion, to avoid a federal debt default. The Treasury Department said it was taking “special measures” to continue paying bills, but would run out of funds this summer.
McCarthy faces his own challenges. With his small majority and weak grip on power, he has not been able to rally the military around budget cuts he can offer to the White House as a starting point for negotiations.
Still, McCarthy vowed to pass a bill in the House that would cut federal spending to fiscal 2022 levels and raise the national debt ceiling for a year, coupled with a plan to limit future spending. at 1% or less.
Seth Wenig/AP
Republicans also want to prioritize policy, including cuts to benefit programs in the federal safety net for poorer Americans.
The White House preceded McCarthy’s speech by saying “the speech is not the plan”, dismissing his overture and again pressuring Republican leaders to approve an unconditional debt ceiling increase.
White House Deputy Press Secretary Andrew Bates said: “There is one responsible solution to the debt ceiling: not taking hostages on the brink, but acting quickly.”
Once a routine issue, the need for Congress to pass legislation to raise the national debt ceiling and continue paying already outstanding bills is being leveraged, especially by Republicans, to boost their policy priorities. It is becoming a political weapon to fight against.
McCarthy will bring together the “five families” (the Liberal caucuses, the Republican Study Committee, and various caucuses including the House Republican majority) around a plan he can present to Biden to start negotiations. I am working hard for it.
Federal spending soared during the COVID-19 crisis, reaching $7.4 trillion in 2021 before returning to $6.2 trillion in fiscal 2022, according to Treasury Department data. The national debt burden has also been steadily increasing, doubling during the 9/11 era of foreign wars during the George W. Bush administration, and skyrocketing again during the Obama administration as spending increased and tax revenues plummeted during the Great Recession.
The country has an annual deficit of over $1 trillion and the last time the federal budget was balanced was in 2001.
McCarthy noted that President Ronald Reagan similarly warned about government spending. McCarthy said the job cuts House Republicans want aren’t “drastic.”
Once, his speech was interrupted by applause from stock exchange officials and others.
Democrats in the White House and Congress are reluctant to negotiate with Republicans, arguing that Congress should simply raise the debt ceiling unconditionally.
However, the split screen shown in New York showed McCarthy’s upcoming challenge of focusing on budget issues.
As the speaker was delivering his speech, Jim Jordan, chairman of his tough judiciary committee, slammed New York City’s “Dr. He called a field hearing.
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House Speaker Kevin McCarthy promised to pass the bill on Monday raise the national debt ceiling — on the condition that future federal spending be capped at 1% — for lashing out at President Biden for refusing to participate in budget cut negotiations to prevent a debt crisis.In a high-profile speech at the New York Stock Exchange, Republican leader McCarthy is the leader of the Republican Party entering his 100th day as chairman, calling the nation’s debt burden a “time bomb” and Biden “missing”. said it is. The deadline for raising the debt limit is approaching. “Undoubtedly, the longer we wait for President Biden to get smarter and find a deal, the more likely this administration will default on its debt for the first time in our nation’s history.” The point is that defaulting is not an option, but neither is there an economic future that does not work for working Americans, higher taxes, higher interest rates, a growing reliance on China.”
His Wall Street speech was one in which Washington potential financial crisis On the need to raise the national debt ceiling, currently at $31 trillion, to avoid a federal debt default. The Treasury Department said it was taking “special measures” to continue paying bills, but would run out of funds this summer.McCarthy faces his own challenges. With his small majority and weak grip on power, he has not been able to rally the military around budget cuts he can offer to the White House as a starting point for negotiations.
Still, McCarthy vowed to pass a bill in the House that would cut federal spending to fiscal 2022 levels and raise the national debt ceiling for a year, coupled with a plan to limit future spending. at 1% or less.
House Speaker Kevin McCarthy speaks at the New York Stock Exchange in New York on Monday, April 17, 2023.
Seth Wenig/AP
Republicans also want to prioritize policy, including cuts to benefit programs in the federal safety net for poorer Americans. The White House preceded McCarthy’s speech by saying “the speech is not the plan”, dismissing his overture and again pressuring Republican leaders to approve an unconditional debt ceiling increase.White House Deputy Press Secretary Andrew Bates said: “There is one responsible solution to the debt ceiling: not taking hostages on the brink, but acting quickly.”
Once a routine issue, the need for Congress to pass legislation to raise the national debt ceiling and continue paying already outstanding bills is being leveraged, especially by Republicans, to boost their policy priorities. It is becoming a political weapon to fight against.McCarthy will bring together the “five families” (the Liberal caucuses, the Republican Study Committee, and various caucuses including the House Republican majority) around a plan he can present to Biden to start negotiations. I am working hard for it.Federal spending soared during the COVID-19 crisis, reaching $7.4 trillion in 2021 before returning to $6.2 trillion in fiscal 2022, according to Treasury Department data. The national debt burden has also been steadily increasing, doubling during the 9/11 era of foreign wars during the George W. Bush administration, and skyrocketing again during the Obama administration as spending increased and tax revenues plummeted during the Great Recession.The country has an annual deficit of over $1 trillion and the last time the federal budget was balanced was in 2001.McCarthy noted that President Ronald Reagan similarly warned about government spending. McCarthy said the job cuts House Republicans want aren’t “drastic.”Once, his speech was interrupted by applause from stock exchange officials and others.Democrats in the White House and Congress are reluctant to negotiate with Republicans, arguing that Congress should simply raise the debt ceiling unconditionally.
However, the split screen shown in New York showed McCarthy’s upcoming challenge of focusing on budget issues.As the speaker was delivering his speech, Jim Jordan, chairman of his tough judiciary committee, slammed New York City’s “Dr. He called a field hearing.
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