Debate on U. S. national debt will continue on Wednesday
2023.01.29 12:46
Debate on U. S. national debt will continue on Wednesday
By Tiffany Smith
Budrigannews.com – Speaker of the House of Representatives Kevin McCarthy said on Sunday that he will meet with President Joe Biden on Wednesday to talk about raising the debt ceiling while keeping government spending under control. He also said that Republicans won’t let the United States default.
“I am aware that the president stated that he did not desire any discussions. However, McCarthy stated on CBS’ “Face the Nation” that “I think it’s very important that our whole government is designed to find compromise.”
McCarthy went on to say, “I want to find a reasonable and responsible way that we can lift the debt ceiling and take control of this runaway spending.”
This month, the U.S. Treasury implemented extraordinary cash management measures to avoid exceeding Congress’s $31.4 trillion debt ceiling. However, if there is no increase by the beginning of June, the Treasury has stated that it may not have enough money to pay the government’s bills, raising the greatest threat of default since the 2011 debt ceiling standoff.
McCarthy stated, “There will not be a default.” However, what the Democrats are presently stating, “You should just raise the limit,” is truly irresponsible.
A spokesperson for the White House declined to comment, but a White House official who was familiar with the meeting’s plans confirmed that it would take place on Wednesday. Biden had previously stated that he would meet with McCarthy to talk about debt, but the White House has stated that it will not negotiate a debt ceiling increase.
The official Biden administration meeting with McCarthy has been framed as an opportunity to improve the two leaders’ “working relationship.”
In the House and Senate, McCarthy and other Republicans have stated that they will not support an increase in the debt ceiling without spending cuts or reforms.
