McCarthy’s letter to Biden on debt ceiling: ‘You are on the clock’
- Oops!Something went wrong.Please try again later.
- Oops!Something went wrong.Please try again later.
President Joe Biden and Speaker of the House Kevin McCarthy, R-Calif., sat down two months ago to discuss raising the country’s borrowing limit, but the Biden administration has “been completely missing in action” on debt ceiling negotiations, McCarthy wrote to Biden in a letter posted to Twitter on Tuesday.
“I am incredibly concerned that you are putting an already fragile economy in jeopardy by insisting upon your extreme position of refusing to negotiate any meaningful changes to out-of-control government spending,” McCarthy wrote.
The debt ceiling must be raised to allow the government to pay debts it has already incurred. The national debt has climbed to $31.6 trillion, with the default deadline looming.
McCarthy said the country's fiscal problems can’t be solved overnight, and neither do House Republicans expect so, but said he opposed ignoring the issue of the “ballooning national debt.”
He proposed solutions to the impasse and requested that Biden instruct his team to set a time for a meeting this week.
Related
McCarthy to Biden: ‘You are on the clock’
McCarthy offered three ways the Republicans hope to save “trillions of dollars.” First, limiting spending by reducing the excess “non-defense government spending to pre-inflationary levels.”
Second, saving taxpayer money by “reclaiming unspent COVID funds that have sat dormant for over two years.” McCarthy also mentioned strengthening work requirements for social programs, as CNN Reported.
McCarthy’s third solution was to grow the economy by lowering energy costs, making “America energy independent,” and securing borders from deadly drugs like fentanyl.
He ended the letter by saying, “Mr. President, simply put: you are on the clock,” he said. “It’s time to drop the partisanship, roll our sleeves, and find common ground on this urgent challenge.”
The nation surpassed the debt limit in January, which is when Treasury Secretary Janet Yellen notified Congress that her department is taking “extraordinary measures” to avoid defaulting on the debt, but those measures will run out by summer, according to The Associated Press.
Rep. Scott Perry, R-Pa., chairman of the Freedom Caucus, said Monday evening that he thinks the Biden administration is “stalling here and wasting time and running down the clock,” according to ABC News.
Biden’s team responds to McCarthy's letter
White House Press Secretary Karine Jean-Pierre issued a statement regarding Biden’s position on Tuesday. She said it’s Congress’ obligation to address the debt ceiling to avoid economic turmoil.
“It’s time for Republicans to stop playing games, pass a clean debt ceiling bill, and quit threatening our economic recovery,” she said.
As Deseret News reported, McCarthy has said the Republicans won’t increase the debt ceiling unless the Democrats agree to budget cuts, like they have in the past.
Jean-Pierre said that the president is open to a separate conversation to discuss cutting the budget. Biden’s proposed budget seeks to cut the deficit by $3 trillion, she said, adding that “Speaker McCarthy and his extreme MAGA caucus have refused to put out a budget.”
Biden’s budget cuts the deficit by raising taxes on businesses and wealthy individuals, while spending is also increased.
Related
Jean-Pierre said the GOP requested budget cuts for law enforcement, border security and health care, “all to pay for their tax giveaway to the super-wealthy and corporations.”
“In fact, their proposals don’t reduce the deficit at all,” she added. Rep. Joe Neuguse, D-Colo., also responded to the letter on Twitter by asking McCarthy where his party’s budget is.
Biden’s budget proposal faces tough opposition in a divided Congress, as GOP support for McCarthy’s statement pours in.
Rep. Mario Díaz-Balart, R-Fla., said it was important for Biden and McCarthy to sit down in order to offset risk in a social media post.
“President Biden is putting the U.S. economy at risk by refusing to sit down with Republicans to negotiate meaningful changes to out-of-control government spending,” said Díaz-Balart said, while Rep Erin Houchin, R-Ind., tweeted “well said.”
Meanwhile, New York Republican Rep. Mike Lawler tweeted that Biden “must negotiate, and bring about fundamental reform to our national debt and spending.”
