Republican US House Speaker Kevin McCarthy announced today that the House will vote this week on a plan to raise the debt ceiling and limit spending, accusing President Joe Biden of evading negotiation while the possibility of default looms on the horizon.
McCarthy and Biden have been sparring for weeks over ways out of the impasse. While the president calls for an unconditional increase in the borrowing ceiling, Republicans in the House of Representatives are calling for cuts in federal spending in order to reduce the country’s $31 trillion debt.
Meanwhile, the United States threatens the risk of defaulting on its obligations by July or even earlier, with dire repercussions for the domestic and global economy, according to the “French”.
“We will take a vote this week and we will pass it and send it to the Senate,” Kevin McCarthy told the “Sunday Morning Futures” program on Fox News, expressing his concern that Biden “has been refusing to negotiate for more than 80 days,” that is, since the two political opponents met for talks in February. .
Speaking of Biden, the Speaker of the House of Representatives added, “He must show a sense of leadership and sit at the negotiating table, instead of pushing us into default,” adding, “What he is doing is risky, he threatens the markets.”
President Joe Biden warned that the Republican proposal that restores spending to 2022 levels, imposes a ceiling on future spending, and eliminates “green” tax breaks in exchange for increasing the debt limit by $ 1.5 trillion next year, will lead to “huge cuts” in programs that benefit him. Millions of Americans.
But even if McCarthy succeeds in passing his proposal in the House of Representatives, it will be stalled when it reaches the Senate, where the Democrats have a simple majority.