President Joe Biden and House Speaker Kevin McCarthy (R-California) sat down two months ago to discuss raising the nation’s borrowing limit, but the Biden administration has been “totally ready for action” in the debt ceiling negotiations. It hasn’t been moved,” McCarthy wrote to Biden.in a letter addressed to twitter on tuesday.
“I am deeply concerned that we are endangering an already fragile economy by advocating an extreme position to refuse to negotiate meaningful changes to out-of-control government spending,” McCarthy said.
The debt ceiling needs to be raised to allow the government to repay the debt it has already incurred.national debt swelled $31.6 trillionthe default deadline is looming.
McCarthy said the nation’s financial problems won’t be solved overnight, and House Republicans don’t expect that, but said he would oppose ignoring the issue of a “ballooning national debt.” .
He suggested a solution to the impasse and requested that Biden instruct his team to set a time for this week’s meeting.
From McCarthy to Biden: ‘You are on time’
McCarthy offered three ways Republicans hope to save “trillions of dollars.” First, to limit spending by cutting excessive “non-defense government spending to pre-inflation levels.”
Second, it saves taxpayers money by “recovering unused COVID funds that have been dormant for over two years.” McCarthy also noted increased labor requirements for social programs. CNN reported.
McCarthy’s third solution was to grow the economy by lowering energy costs, achieving “America’s Energy Independence” and defending our borders from deadly drugs like fentanyl.
He concluded his letter by saying: President, simply put, you are on time,” he said. “Now is the time to put aside partisanship, roll up your sleeves, and find common ground on this pressing issue.”
The country exceeded its debt ceiling in January. Then Treasury Secretary Janet Yellen notified Congress that her ministry was taking. “temporary measures” Intended to avoid defaults, these measures will be exhausted by the summer. Associated Press.
Republican Rep. Scott Perry, chairman of the Freedom Caucus, said Monday night that he believes the Biden administration is “stuck here, wasting time and slowing the clock.” ABC News.
Biden’s team reacts to McCarthy’s letter
White House Press Secretary Karine Jean-Pierre said: statement On Tuesday’s Biden position. She said it was Congress’s duty to work on the debt ceiling to avoid economic chaos.
“It’s time for Republicans to stop playing the game, pass the debt ceiling, and stop threatening economic recovery,” she said.
As Deseret News reportedMcCarthy said Republicans would not raise the debt ceiling unless Democrats agreed to budget cuts, as they have in the past.
Jean-Pierre said the president was ready to have a separate conversation to discuss budget cuts. Biden’s proposed budget aims to cut the deficit by $3 trillion, she said, adding that “Chairman McCarthy and his extreme MAGA caucus have refused to issue a budget.”
Biden’s budget While reducing the deficit by increasing taxes on businesses and wealthy individuals, it also increases spending.
Jean-Pierre said Republicans called for budget cuts to law enforcement, border security and health care “to pay for everything to pay tax breaks for the ultra-rich and corporations.”
“In fact, their proposal has not cut the deficit at all,” she added. Colorado Democratic Rep. Joe Noigse twitter By asking McCarthy where his party’s budget is.
Biden’s budget proposal faces severe opposition In a divided Congress amid a flood of Republican support for McCarthy’s statement.
Rep. Mario Diaz Ballart (R, Florida) said it was important for Biden and McCarthy to sit down to offset the risks on social media. director.
“President Biden is putting the U.S. economy at risk by refusing to sit with Republicans to negotiate meaningful changes to out-of-control government spending,” Diaz-Balart said. murmured “well said”
Meanwhile, New York Republican Congressman Mike Lawler murmured “We have to negotiate and bring about fundamental reforms to our national debt and spending,” Biden said.
https://www.deseret.com/2023/3/28/23660339/mccarthy-biden-debt-ceiling-letter House Speaker Kevin McCarthy puts pressure on Biden over debt ceiling