House Speaker Kevin McCarthy (R-CA) released his proposal to raise the US debt ceiling by $1.5 trillion.
“Now that we’ve introduced a clear plan for a responsible debt limit increase, [Biden and Democrats] have no more excuse, and refuse to negotiate,” McCarthy said on Wednesday.
“House Republicans have a plan. The Senate does not. And the President is ignoring the debt crisis,” he added.
.@SpeakerMcCarthy: “Now that we’ve introduced a clear plan for a responsible debt limit increase, [Biden and Democrats] have no more excuse, and refuse to negotiate.”
“House Republicans have a plan. The Senate does not. And the President is ignoring the debt crisis.” pic.twitter.com/43ijGnoOdh
— GOP (@GOP) April 19, 2023
McCarthy’s plan will destroy most of Joe Biden’s agenda.
The Speaker’s plan will eliminate Biden’s unconstitutional student loan bailout plan and slash the funds set aside for the army of IRS agents.
If McCarthy’s proposal passes the House, it will be likely be dead on arrival in the senate.
House Speaker Kevin McCarthy, R-Calif., on Wednesday released his plan to raise the debt ceiling by $1.5 trillion for about a year while attempting to repeal major components of President Joe Biden’s agenda.
McCarthy said the bill, called the Limit, Save, Grow Act of 2023, would save American taxpayers more than $4.5 trillion by limiting discretionary spending, retrieving unspent pandemic-related funds, eliminating Biden’s student loan forgiveness plan and cutting funds earmarked for the Internal Revenue Service.
The cuts would be in exchange for a one-year debt ceiling increase. McCarthy called on Biden and Senate Majority Leader Chuck Schumer, D-N.Y., to “sit down, negotiate and address this crisis” but he did not mention whether the bill has enough support to pass. Biden has refused to negotiate over the debt limit. Extraordinary measures to avoid the first-ever U.S. sovereign debt default are on track to run out this summer.