(RepublicanDaily.org) – President Biden’s new budget proposal has “no chance” of passing a Republican House in Congress, The New York Times reported. The new Biden proposal requested trillions of dollars for new social programs and proposed higher taxes. The president’s budget proposal comes weeks after the Treasury Department announced that the United States had reached its national debt ceiling, sparking heated debate in Congress over the debt facility management. On January 13, Treasury Secretary Janet Yellen sent a letter to all members of Congress explaining the debt ceiling of approximately $31.381 trillion had been reached.
As Biden highlighted his spending budget plant, Republicans also highlighted their new spending budget demands, The Washington Post reported. In this new spending plan, the House Freedom Caucus “insisted” on steeper spending cuts, steeper even than some other GOP leaders had previously considered, as the House floor gears up for an embattled debate of how to street the debt crisis.
Moving full-speed ahead with radically different propositions for national spending, the Biden administration and the GOP showed “no signs of cooperation,” ABC News reported.
Biden was hotly critical of the proposed spending cuts from the House Freedom Caucus, and claimed, in a press conference of the Friday job’s report on March 10, that the Republicans “were not capable” of forming a budget soon.
Treasury Secretary Yellen criticized the Republican approach to resolving the debt crisis as well, calling it “default by another name,” ABC News reported.
As Congress debated the policy of each party, Jerome Powell, the Federal Reserve chairperson, stated that a “trillion dollar coin” idea wasn’t going to solve the debt ceiling problem, USA Today reported. He noted that the coin concept, which has been around since approximately 2011, is an “unrealistic way” to approach the debt crisis.
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