Mr. McCarthy, California Republican, told an audience at the New York Stock Exchange on Monday that legislation raising the debt ceiling until May 2024 would soon move through the House. The speaker said Republicans are readying the bill, despite President Biden‘s refusal to negotiate spending cuts in exchange for raising the debt ceiling.
“Speaker McCarthy is holding the full faith and credit of the United States hostage, threatening our economy and hardworking Americans’ retirement,” said White House spokesman Andrew Bates. Congressional Republicans say those instances, however, do not fit the current moment. They say that after two years of multi-trillion dollar spending bills and decades-high inflation, the American public entrusted Republicans with control of the House so they could address the national debt.
GOP lawmakers are also pushing to institute work requirements for social welfare programs, including Medicare and food stamps. Beyond cutting spending and restructuring the social safety net, GOP lawmakers want to overhaul the nation’s energy-permitting laws and pass legislation requiring congressional approval for new regulations with an economic impact of more than $100 million per year.
Mr. McCarthy‘s remarks came two days after Congress blew through the April 15 deadline by which lawmakers were required to pass legislation beginning the budget process. Mr. McCarthy said Monday that House Republicans were waiting on Mr. Biden to begin negotiating in earnest before passing any fiscal legislation.
Source: Law Daily Report (lawdailyreport.net)
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