Kevin McCarthy, the House Speaker (Republican from California), called Monday on President Joe Biden for help in finding “common ground” Republicans looking for a “responsible” An increase in the debt limit that prevents default or cuts to Medicare or social security.
McCarthy stated that both sides must agree to the end in a speech delivered at Capitol “blank checks for runaway spending” Find a reasonable limit on debt, as future generations deserve better than high inflation and debt.
“Washington fell for a financial fad,” McCarthy stated. “That the national debt doesn’t matter.”
The press conference will take place one day before Biden delivers the State of the Union address. This speech is when the president is expected discuss the conflict over the debt limit. McCarthy indicated that they met last week to discuss this issue and that Biden is likely to call him to set up another meeting.
The United States reached its limit at $31.4 trillion last month. It is now unable to borrow additional money until a new ceiling has been agreed upon. The Treasury Department has advised Congress that Use Special funding options to prevent defaults until June
McCarthy stated that Republicans would negotiate and find common ground. He cited comments made by Biden, then-vice president, who negotiated an increase to the debt ceiling in 2011. “You can’t govern without negotiating,” Biden spoke at the time.
“As a senator, you voted against raising the debt ceiling, Mr. President,” McCarthy spoke out in reference to Biden’s vote in 2006 against a GOP bill that would have raised the limit. “Surely we both agree that the national debt is too high.”
McCarthy pointed out that Democrats have increased discretionary spending annually by $400 billion over the past four years. “They took our nation’s credit card, spent like crazy, and left us in deep debt,” He said.
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