SMajority Leader Chuck Schumer (D-NY) dared House Republicans to introduce a bill detailing the spending cuts the party wants in exchange for raising the debt limit as the new majority GOP sinks into debt ceiling stalemate with Senate and whites. house
In a floor speech on Friday, Schumer accused the House GOP of “saying yes to hostage-taking, and yes, even to the risk of default, all because of draconian spending cuts driven by the hard right”.
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The Treasury Department announced that the United States had reached the federal debt ceiling last week and would begin “extraordinary measures” to avoid a default on its debts, and that these measures will expire in June.
“House Republicans, you voted for rules that require a standing order to bring accounts to the floor. So put your debt ceiling proposals on the floor, let the full House debate and vote on it, and let the American people see and evaluate these cuts for themselves,” Schumer said. “Otherwise, Americans are going to be left with some pretty big questions.”
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(AP Photo/J. Scott Applewhite)
House Speaker Kevin McCarthy (R-CA) agreed not to raise the debt limit without spending cuts as part of a deal with hardliners in his party to be elected president. The move, praised by the right wing of the party and fiscal conservatives, is a break from the past decade, with both parties authorizing debt increases without a major confrontation.
Republicans have resisted major cuts to the defense budget, leaving social spending and other national programs available for cuts. Schumer asked, “Does that mean cuts to Social Security or Medicare or child care or Pell grants or our military or pay raises for our troops or funding for police and law enforcement ?”
McCarthy has pushed to meet with President Joe Biden to begin negotiations. The two agreed last week to sit down at the White House at a future date.
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“I want to sit down with him now so there’s no problem,” McCarthy told Fox News. “I’m sure he knows there are places we can change and that make America keep those rights instead of bankrupting them like they’ve been spending.”
The debt currently stands at $31.7 trillion, and default could lead to serious economic consequences.