Speaker McCarthy agrees to increase the debt ceiling till 2024 but he’s going to cut spending at the same time.
The House GOP says that it raised the debt limit and somehow cut spending at the same time.
Biden rolled out a $6.9 trillion budget proposal the same month, which would have increased the national debt to $51 trillion over the next decade.
In January, the federal government exceeded its roughly $31 trillion debt limit, halting its ability to borrow funds for programs like Social Security and Medicare. Congress last approved a debt ceiling increase in December 2021.
Also in January, Treasury Secretary Janet Yellen said the federal borrowing limit will need to be increased by June of this year to prevent a default on America’s national debt.
“Without exaggeration, American debt is a ticking time bomb that will detonate unless we take serious, responsible action,” McCarthy said Monday. “Yet how has President Biden reacted to this issue? He has done nothing.”
McCarthy shared:
“Here’s our plan,” McCarthy said. “In the coming weeks the House will vote on a bill to lift the debt ceiling into the next year, save taxpayers trillions of dollars, make us less dependent upon China, curb our high inflation — all without touching Social Security and Medicare.”
But on the War Room, Rep. Matt Gaetz says that McCarthy doesn’t have the votes to increase the debt ceiling.
There Are Not 218 Votes To Raise The Debt Limit.”
Also, the question was asked by MTG in meetings on the budget, why America was spending so much on foreign countries. Why are Americans spending so much on foreign countries when we are borrowing from foreign countries to pay our bills?
These are the types of questions that need to be asked in budget negotiations.
It is long past due that the members of the US Congress begin efforts to curtail spending in the US. The country is out of control and it’s time to get it back in stride.
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