McCarthy seeks compromise on U.S. government debt
2023.02.07 03:11
McCarthy seeks compromise on U.S. government debt
By Kristina Sobol
Budrigannews.com – As the two parties continue to be at odds over raising the $31.4 trillion debt ceiling, Republican House Speaker Kevin McCarthy urged Democratic President Joe Biden to accept spending reductions and compromises.
In an effort to get ahead of the president and cement his position as the most influential congressional negotiator, McCarthy spoke on Monday before Vice President Joe Biden is scheduled to deliver the annual State of the Union address to a joint session of Congress on Tuesday.
McCarthy has stated that Republicans will only lift the debt ceiling if Biden agrees to spending cuts, while the White House has stated that Biden will discuss federal spending cuts with Republicans after the debt ceiling is lifted. Even though the two sides don’t agree on the order of the topics they’re discussing, they say they’ll keep talking.
McCarthy, whose Republicans won a narrow majority in the House of Representatives in the election in November, said, “Mr. President, it’s time to get to work.”
“We must make a commitment to agreeing on a responsible increase in the debt limit. “The American people voted for compromise three months ago, and that is exactly how governing in America is supposed to work,” McCarthy stated.
“Defaulting on our debt is not an option, nor is a future of higher taxes, higher interest rates, or a failing economy.”
After two years of Democratic control of the House and Senate, House Republicans want to use the debt ceiling, which covers the spending programs and tax cuts that Congress previously approved, as leverage to push spending cuts.
His top economic adviser, Brian Deese, stated on Monday that Biden is expected to insist on Tuesday that raising the debt limit is not negotiable and that lawmakers in the United States should not use it as a “bargaining chip.”
“Nobody should use the fundamental idea that the United States has fulfilled all of its financial obligations for its existence as a country as a bargaining chip. Deese stated, “It is not a subject of negotiation.”
Last week, Biden made it sound like he was doubting McCarthy’s ability to keep Republicans on his side. He called McCarthy “a decent man, I think,” but he also mentioned the concessions he made in order to become speaker in January. One of these was to change a rule in the chamber so that any member could call for a vote to remove him instead of requiring a majority from either party.
McCarthy said after meeting with Biden last week that he believed the two could find common ground, despite what appears to be a disagreement.
McCarthy informed the media the following day that the president had agreed to meet once more.
According to Karine Jean-Pierre, the White House’s press secretary, McCarthy’s staff had been in touch regarding the next steps.
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