.SenRandPaul has presented an alternative plan to the recent Fiscal Responsibility Act introduced by JoeBiden and SpeakerMcCarthy. Paul's proposal comes as the agreement from McCarthy and Biden has drawn discontent among some Republican lawmakers.
Paul's proposal comes as the agreement from McCarthy and Biden has drawn discontent among some Republican lawmakers, who are refusing to vote for the deal. Under Paul's plan, the debt ceiling would be given a $500 billion increase to encourage Congress to take action on the nation's debt sooner. Paul's proposal also includes caps on both the sums of discretionary and mandatory spending, which would cut 5% spent every year, according to a statement from the senator.
Biden and McCarthy introduced their Fiscal Responsibility Act on Saturday evening. The proposal suspends the debt ceiling until after the election cycle next year to allow the Treasury Department to keep borrowing money to pay the country’s bills until January 2025. The president and House speaker's proposal differs from what Republicans had initially proposed, which would have raised the debt ceiling over the next year either by $1.5 trillion or until March 31, 2024, whichever came first.
Many Republicans have expressed their disapproval of the Fiscal Responsibility Act in the wake of its unveiling. Rep. Nancy Mace stated on Tuesday that she would not support the plan and that Republicans got outsmarted by"a President who can’t find his pants." "I’m voting NO on the debt ceiling debacle because playing the DC game isn’t worth selling out our kids and grandkids," Mace tweeted Tuesday morning.I’m voting NO on the debt ceiling debacle because playing the DC game isn’t worth selling out our kids and grandkids.Other House Republicans, including Reps. Lauren Boebert , Ralph Norman , and Chip Roy , have spoken out against the proposal.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House GOP sells deal with Biden as restoring ‘fiscal sanity’ amid backlash from rightHouse Republicans are working overtime to lock down support among their conference for the debt-limit agreement between Speaker Kevin McCarthy and President Biden as conservatives openly trash the bipartisan deal.
Read more »
LIVE: House Rules Committee holds hearing on debt limit billThe House Rules Committee holds a hearing to consider the Fiscal Responsibility Act.
Read more »
Senate eyes vote this week on repeal of Biden’s student debt reliefThe White House has threatened to veto the House-passed legislation.
Read more »
South African rand flat but market nervous after last week's record lowThe South African rand was broadly flat in early trade on Monday, but market players were on edge after the currency struck a record low last week.
Read more »
South African rand falls before April credit and budget numbersThe South African rand fell in early trade on Tuesday, before the release of the April credit extension and budget figures.
Read more »
Japan´s Suzki: Must guide fiscal policy in line with the international normJapan's Finance Minister Shunichi Suzuki said that Japan Ministry of Finance fiscal panel calls for maintaining yen credibility in guiding fiscal poli
Read more »