Washington Examiner

GOP slams Biden for including taxes in debt ceiling agreement.

President Biden and Congressional Republicans Clash Over Taxes in Debt Ceiling Negotiations

President Joe Biden has been pushing for discussions on taxes as part of the debt ceiling negotiations, but House Speaker Kevin McCarthy (R-CA) has declared tax increases a red line, citing overspending as the cause of the country’s deficits. Republican Study Committee Chairman Kevin Hern (R-OK) has also emphasized that tax hikes are a nonstarter for a bipartisan debt ceiling deal. Meanwhile, Biden has expressed frustration over the lack of tax negotiations and reiterated his desire to tinker with the country’s tax structure in tandem with spending cuts.

Disagreements Over Spending and Work Requirements

Another disagreement in the debt ceiling negotiations is the top-line spending level for next year before the Treasury Department’s “X-date,” with Treasury Secretary Janet Yellen projecting that the federal government will no longer be able to pay the bills it has already incurred as early as June 1. McCarthy has repeated that spending must be less than last year, while Biden prefers to keep spending flat and cut the Pentagon’s budget. Work requirements for some welfare programs, such as food stamps and financial help for needy families, are also a point of contention.

Republicans Criticize Biden’s Tax Proposals

Republicans have criticized Biden’s tax proposals, including closing the carried interest loophole, and have noted the record-high revenues after the passing of former President Donald Trump’s Tax Cuts and Jobs Act in 2017. One senior Republican aide called Biden’s debt ceiling strategy “wild” and “completely absurd and tone-deaf.”

Despite the disagreements, both sides are emphasizing the importance of reaching an agreement this week to pass it to the Senate.

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