House Speaker Kevin McCarthy (R-Calif.) defended the Republican proposal to lift the debt ceiling temporarily while instituting spending cuts even as lawmakers from both parties reacted to the plan during press interviews on April 20. Despite vigorous disagreements about the Limit, Save, Grow Act of 2023, several members of Congress voiced the need for honest…
Manchin Urges Biden to Negotiate With Republicans on Debt Limit
Sen. Joe Manchin (D-W.Va.) sharply criticized President Joe Biden’s unwillingness to negotiate terms for raising the nation’s debt ceiling and urged him to meet with House Speaker Kevin McCarthy (R-Calif.) to arrive at a compromise. “For the sake of the country, I urge President Biden to come to the table, propose a plan for real…
House GOP Unveils Debt Limit Bill, Proposes $1.5 Trillion Debt Ceiling Increase
April 19, 2023
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Republicans have introduced legislation to increase the nation’s debt ceiling by $1.5 trillion or until March 31, 2024, whichever comes first. At the same time, the bill would return discretionary spending to 2022 levels, limit spending growth to 1 percent per year, take back unspent COVID-19 relief funds, repeal certain tax credits, reinstate work requirements…
Budget Committee Looking at ‘Every Agency’ for Possible Cuts
The House Budget Committee is examining the budget of “every agency” in an effort to identify cuts to reign in federal spending that can gain majority approval in the House. The effort has become more urgent since House Speaker Kevin McCarthy (R-Calif.) announced the outline of a plan to deal with the debt ceiling and…
McCarthy Says House Will Vote to Lift Debt Ceiling Into 2024
April 17, 2023
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The House of Representatives will vote to lift the nation’s debt ceiling until sometime in 2024, according to Speaker Kevin McCarthy (R-Calif.), relieving anxiety about a potential default on U.S. financial obligations. The speaker made the announcement in a speech at the New York Stock Exchange on April 17, during which he also outlined the…
McCarthy Says House Will Vote on Lifting Debt Ceiling Into 2024
April 17, 2023
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The House of Representatives will hold a vote on a proposal to lift the nation’s debt ceiling until sometime in 2024, according to House Speaker Kevin McCarthy (R-Calif.), relieving anxiety about a potential default on U.S. financial obligations. McCarthy, during a speech at the New York Stock Exchange on April 17, also outlined the broad strokes…
Debt-Ceiling Impasse Could Increase Cost to Taxpayers, Experts Warn
April 7, 2023
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Business & Marketseconomic policieseconomyHouse Speaker Kevin McCarthyPoliticsUSUS debt ceilingUS President Joe Biden
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The current impasse between President Joe Biden and the GOP-controlled House of Representatives over the debt ceiling could wind up costing taxpayers more in interest payments, even if the country does not go into default, and will certainly increase interest rates if it does, experts warn. “I’m very concerned about the debt ceiling,” House Speaker…
Republicans, Democrats Both Responsible for Solving Debt Ceiling Puzzle, Experts Say
Negotiation and compromise on both sides are needed to bring federal debt under control and avoid a national financial crisis according to two fiscal policy experts, each having deep roots in one of the major political parties. Though differing in their assessment of the best starting point for negotiation—Rob Portman, a Republican senator from Ohio…
Soft Food or Starbucks: McCarthy and Biden Exchange Jabs Amid Debt Ceiling Standoff
House Speaker Kevin McCarthy (R-Calif.) and President Joe Biden continued their verbal sparring over who’s ducking whom in scheduling a meeting on the debt ceiling. The two met to discuss the subject on Feb. 1, a meeting both described as a good start at working together. However, they have not met since as both insist…
Financial Crisis Looming Due to Mounting Federal Debt: Experts
The U.S. is in “terrible shape” financially and is “flying blind in mountains of debt” that will cause future generations to “reap the whirlwind of an irreparable economic disaster” unless immediate action is taken, according to some witnesses and members of the House Budget Committee. Witnesses testifying at the March 29 hearing on the country’s…
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