McCarthy’s Debt Ceiling Bill Passed, Setting Up White House Showdown.
Kevin McCarthy
“The GOP measure, a pry bar to try to compel the president to negotiate with the opposing party, will be blocked by Senate Democrats and has no chance of becoming law. The GOP measure proposes to cut federal spending by nearly 14 percent over a decade and lift the cap on borrowing by $1.5 trillion through March, which envisions the partisan drama rewinding in the midst of the presidential election year (The New York Times). Senate Majority Leader Chuck Schumer (D-N.Y.) on Wednesday called it “an extremist hard-right agenda.””
The GOP is setting up a big trap for President Biden and this Summer is shaping up to be a season of an epic budget battle. The fate of the nations credit hangs in the balance and the national debt is on an upward trajectory, therefore American cannot afford for the international credit agencies to lose faith in our economy. The White House has indicated that it is not willing to negotiate the debt ceiling and thus the long hot Washington summer of 2023 could be one of intrigue and backroom deals to keep the government running.
