Nancy Mace opposes McCarthy’s agreement with Biden on debt limit.

Rep. Nancy Mace Opposes Debt Ceiling Deal

“Washington is broken. Republicans got outsmarted by a President who can’t find his pants. I’m voting NO on the debt ceiling debacle because playing the DC game isn’t worth selling out our kids and grandkids,”

Rep. Nancy Mace (R-SC) has come out against the recent debt ceiling deal struck between President Joe Biden and House Speaker Kevin McCarthy (R-CA) over the weekend. Mace previously signaled opposition to the Limit, Save, Grow Act, Republicans’ initial offering in the debt limit negotiations, before later coming around. One of her chief concerns at the time was that the bill didn’t balance the budget.

The Fiscal Responsibility Act of 2023

Following weeks of tense discussions, negotiators revealed Saturday that they achieved a breakthrough with the Fiscal Responsibility Act of 2023. The bill, which was released Sunday, would suspend the debt ceiling for roughly two years in exchange for a slew of spending clawbacks and other reforms. If the spending caps outlined in the bill are retained for six years, it could reduce the deficit by $2.1 trillion, according to a preliminary assessment from the Congressional Budget Office. However, the budget caps are only required for the first two years.

As part of the deal, nondefense and nonveteran discretionary spending growth would be largely kept down until 2024 before increasing by roughly 1% in 2025.

Opposition to the Agreement

About a dozen Republicans from both chambers of Congress have voiced opposition to the agreement, meaning that McCarthy and Biden will need to lean on Democrats to secure its passage. The House is expected to vote on the bill Wednesday and the Senate later in the week.

“It is simple: President Biden wanted to spend more and raise taxes. Republicans fought — and won — to reduce spending and stop Biden from radical overreach. The systemic reforms we set in place mark the beginning of historic change in Washington,” McCarthy tweeted in defense of the agreement.

Treasury Secretary’s Projection

Treasury Secretary Janet Yellen most recently projected that the government has until June 5 before it could start running dry on cash to meet its obligations if no debt limit hike occurs.

Conclusion

It remains to be seen whether the debt ceiling deal will pass, but it is clear that there is opposition from both sides of the aisle. As the debate continues, it is important to consider the long-term impact on future generations and the overall health of the economy.