
Once again, the Federal government is running out of money. We collectively have $31.5 trillion dollars of debt obligations with the Federal budget. Sleepy Joe wants Congress to raise the debt ceiling, but does not want the new debt ceiling tied to the new budget. He wants a “no strings attached” debt ceiling raise, claiming that the debt has nothing to do with budget talks. So far, he has not talked to the Speaker of the House about this personally, but has let him know through channels that this is his position.
Speaker McCarthy and the Republicans in Congress have another idea. Tie increased borrowing to spending cuts. Thinking like real adults in the room, they know that the problem is too much spending, and without curtailing unneeded expense, the debt crisis will just get worse. On the current path, the USA will eventually go broke, game over. They have designed a plan, a workable document that addresses both increasing the debt ceiling, and curtailing unnecessary spending.
Among the bill’s highlights:
— It would raise the debt ceiling by $1.5 trillion into next year, putting the issue squarely into the middle of the next presidential election.
— It would roll back spending to 2022 levels, and impose a 1% cap on future federal spending for the next decade, with likely exceptions for some defense accounts. It claws back unspent COVID-19 funds.
— Republicans want to rescind some of Biden’s top policy achievements, including his executive action that provided student loan payment relief for millions of college students, a Democratic party priority.
— The House GOP measure would also roll back elements of Biden’s signature Inflation Reduction Act — particularly the provisions that the White House and Democrats put in place to fight climate change — and halt money to the Internal Revenue Service that was designed to conduct audits of potential tax cheats.
Other key parts of this proposal is to make it easier for producers to mine oil, gas, and coal, and to reduce regulations that hamper these efforts. It also includes welfare reform, with work requirements for those under 56 years old in order to continue collecting benefits with medicare, SNAP, and cash assistance. It does not address the insulin reduction already in process, and leaves Medicare and social security alone.
In addition, non-military spending would be reduced to a 1% increase year over year for 10 years, and approximately $500 billion in unspent covid cash would be repatriated and used to fund the upcoming budget. With this package being accepted, Congress would raise the debt ceiling by another $1.5 trillion dollars.
This is the most sensible approach I have seen decades, and the White House is livid about this. Their position is that if implemented, it would hurt the poor and the middle class, and would only benefit the richest in our society. Clearly that is not true, but that is Biden’s position!
Press secretary Karine Jean-Pierre said: “Speaker McCarthy sided with the extreme MAGA wing of his conference and released a blueprint to devastate hard-working American families. MAGA House Republicans are holding the American economy hostage in order to take a hatchet to programs Americans rely on every day to make ends meet.
Every House Republican who votes for this bill is voting to cut education, veterans medical care, cancer research, meals on wheels, food safety, and law enforcement. To offshore American manufacturing and kill good-paying jobs. To take health care away from millions of Americans and threaten food assistance for hundreds of thousands of older people. To increase energy bills and raise taxes for hard-working families. To slash programs hard-working Americans depend on even as they protect wealthy tax cheats and continue to push tax giveaways for the wealthiest and big corporations.
That stands in stark contrast with President Biden’s Budget, which Invests in America, lowers costs for hardworking families, and cuts the deficit by asking the super-wealthy and largest corporations to pay their fair share. House Republicans must avoid default and stop playing economic brinkmanship with the American people’s livelihoods and retirements. The American people have made clear which economic vision they support.”
Clearly Biden does not want to address the governments addiction and instead desires to “kick the can down the road”. His position is a mistake, as spending is crippling our economy, causing supply chain disorder, and is the main cause of inflation that we are experiencing today. It will be interesting to see who wins in this standoff. One thing is for sure, if the government shuts down, it will be the Presidents fault for not negotiating with Speaker McCarthy. Hats off to Kevin McCarthy for showing tough steadfastness in addressing the most troubling issue we as a nation currently have. I for one wish him luck!
— Republicans want to rescind some of Biden’s top policy achievements, including his executive action that provided student loan payment relief for millions of college students, a Democratic party priority.
— The House GOP measure would also roll back elements of Biden’s signature Inflation Reduction Act — particularly the provisions that the White House and Democrats put in place to fight climate change — and halt money to the Internal Revenue Service that was designed to conduct audits of potential tax cheats.
Other key parts of this proposal is to make it easier for producers to mine oil, gas, and coal, and to reduce regulations that hamper these efforts. It also includes welfare reform, with work requirements for those under 56 years old in order to continue collecting benefits with medicare, SNAP, and cash assistance. It does not address the insulin reduction already in process, and leaves Medicare and social security alone.
In addition, non-military spending would be reduced to a 1% increase year over year for 10 years, and approximately $500 billion in unspent covid cash would be repatriated and used to fund the upcoming budget. With this package being accepted, Congress would raise the debt ceiling by another $1.5 trillion dollars.
This is the most sensible approach I have seen decades, and the White House is livid about this. Their position is that if implemented, it would hurt the poor and the middle class, and would only benefit the richest in our society. Clearly that is not true, but that is Biden’s position!
Press secretary Karine Jean-Pierre said: “Speaker McCarthy sided with the extreme MAGA wing of his conference and released a blueprint to devastate hard-working American families. MAGA House Republicans are holding the American economy hostage in order to take a hatchet to programs Americans rely on every day to make ends meet.
Every House Republican who votes for this bill is voting to cut education, veterans medical care, cancer research, meals on wheels, food safety, and law enforcement. To offshore American manufacturing and kill good-paying jobs. To take health care away from millions of Americans and threaten food assistance for hundreds of thousands of older people. To increase energy bills and raise taxes for hard-working families. To slash programs hard-working Americans depend on even as they protect wealthy tax cheats and continue to push tax giveaways for the wealthiest and big corporations.
That stands in stark contrast with President Biden’s Budget, which Invests in America, lowers costs for hardworking families, and cuts the deficit by asking the super-wealthy and largest corporations to pay their fair share. House Republicans must avoid default and stop playing economic brinkmanship with the American people’s livelihoods and retirements. The American people have made clear which economic vision they support.”
Clearly Biden does not want to address the governments addiction and instead desires to “kick the can down the road”. His position is a mistake, as spending is crippling our economy, causing supply chain disorder, and is the main cause of inflation that we are experiencing today. It will be interesting to see who wins in this standoff. One thing is for sure, if the government shuts down, it will be the Presidents fault for not negotiating with Speaker McCarthy. Hats off to Kevin McCarthy for showing tough steadfastness in addressing the most troubling issue we as a nation currently have. I for one wish him luck!