Just before President Biden’s State of the Union speech to Congress on Tuesday, Speaker Kevin McCarthy (R-Calif.) supported using the debt ceiling as a negotiating tool to get spending reductions in remarks Monday night.
“Nearly every successful attempt to reduce federal spending in recorded history has involved debt limit discussions. Why? McCarthy gave the roughly 10-minute speech on Monday night. “Because the problem only gets solved when both parties come to the table,” McCarthy added.
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He cited the fact that Biden had opposed raising the debt ceiling during debates over the debt ceiling twenty years prior when he was a senator.
McCarthy and Biden had a meeting last week in the White House, and the Speaker said they could find “common ground” on the debt limit issue. The White House has demanded a “clean” debt limit rise that is unrelated to any additional spending requirements, thus there hasn’t been any progress toward an agreement as of yet.
Biden will use his State of the Union address to highlight deficit reduction measures included in legislation he has signed into law, including raising taxes on large corporations, and criticize Republicans for passing Trump-era tax cuts that increased the debt, according to a statement from the White House’s press secretary Andrew Bates released before McCarthy’s speech.
House Republicans have a non-negotiable, constitutional duty to prevent a default, which would intentionally send our economy into a spiral, unless they can further cut Social Security, Medicare, and Medicaid. It is completely backwards, Bates declared.
McCarthy shot aside concerns about cuts to entitlement spending and debunked the White House’s line of argument that Republicans desire a “responsible debt ceiling rise.”
McCarthy declared, “We will protect our capacity to defend this country from dangers outside.” Medicare and Social Security cuts are not an option.
We cannot afford to let our debt go into default. But neither is a future marked by increased taxes, higher interest rates, or an unfavorable environment for American workers, according to McCarthy.
McCarthy stated that he will continue to speak with Biden and seek to establish “common ground” using a different strategy.
“Don’t set boundaries or declare that your method is the only way. No political games or gimmicks in policy, McCarthy said. However, most importantly, there should be no unlimited expenditure.
“We won’t be increasing taxes. McCarthy told reporters, “I want to be quite clear about that.
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