(RepublicanDaily.org) – House Speaker Kevin McCarthy has warned that President Joe Biden will “bumble” into the “first default in national history” if he fails to negotiate to raise the national debt ceiling with Republicans, Business Insider reported. McCarthy warned that should the president fail to negotiate with the GOP over raising the national debt ceiling, it could put Social Security and Medicare programs at risk.
The House has stated that it will act on the debt ceiling crisis as “early as this month,” Roll Call reported, but that it wants to hold bipartisan talks before doing so. McCarthy has begun to lay out the Republican House majority’s plan to lift the debt ceiling and to begin curbing government spending. Debt ceiling measures began after the U.S. Treasury Department announced this year that the United States had reached its debt ceiling, meaning that it had reached its money-borrowing capacity. The House Speaker warned that the president was, in his view, failing to be “sensible” and to reach an agreement, Roll Call wrote.
McCarthy explained that defaulting on the national debt was “not an option,” but neither was the risk of higher inflation, greater China dependency, or an economy that was not feasible for working-class Americans, Roll Call reported.
Some political analysts have reasoned that McCarthy and Biden’s conflict over the debt ceiling agreement is a “tit-to-tat,” The Hill reported. While McCarthy criticized Biden, the White House also reportedly “blasted” the House Speaker for his proposed national finance plan, The Hill reported.
The Biden and McCarthy conflict centers on the fact that, while McCarthy wants there to be contingencies on the debt increase, Biden refuses to negotiate the debt ceiling lift, wanting the lift to be “clean” and “without contingencies,” The Hill reported.
As McCarthy introduced his debt ceiling plan, he called on Republicans to back the terms, explaining that it “doesn’t have to include” all the provisions that they want, CNN reported. McCarthy reportedly assured his party that, should he make it to the negotiation table with the president, he could push for greater provisions to come down the road.
Copyright 2023, RepublicanDaily.org