McCarthy unveils House GOP plan to increase the debt limit, calls on Biden to begin talks

[BumRushDaShow]

Last edited Wed Apr 19, 2023, 05:14 PM - Edit history (1)

Source: CBS News

Washington — House Speaker Kevin McCarthy unveiled the details of his proposal to increase the debt limit and cut government spending, making his opening offer to Democrats while calling on President Biden to begin talks ahead of a summer deadline to avoid a default.

The GOP plan would increase the debt limit by $1.5 trillion or until the end of March 2024, whichever comes first, McCarthy said in brief remarks on the House floor Wednesday. Known as the Limit, Save, Grow Act, the 320-page bill includes $4.5 trillion in savings by cutting discretionary spending to fiscal year 2022 levels and limiting the growth of future spending, McCarthy said. It would also reclaim unspent COVID-19 funds, cancel Mr. Biden's student loan forgiveness program, rescind new funding for the IRS and enact work requirements for federal aid programs, among other provisions.

"If Washington wants to spend more, it will have to come together and find savings elsewhere, just like every household in America," the speaker said. "President Biden has a choice. Come to the table and stop playing partisan political games, or cover his ears, refuse to negotiate and risk bumbling his way into the first default in our nation's history." McCarthy discussed the broad outlines of the bill in a speech at the New York Stock Exchange earlier this week, and the legislation is expected to reach the House floor next week.

While any legislation that pairs a debt-limit increase with spending cuts is dead on arrival in the Democratic-controlled Senate, McCarthy is hoping to gain leverage ahead of negotiations with the White House by passing the GOP's own bill in the House. The White House has called on Republicans to pass a "clean" debt ceiling increase with no spending cuts attached, and has refused to negotiate with McCarthy until he unveiled his own proposal.

Read more: https://www.cbsnews.com/news/kevin-mccarthy-debt-limit-increase-house-republican-bill/

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Article updated.

Original article -

Washington — House Speaker Kevin McCarthy unveiled his proposal to increase the debt limit and cut government spending, making his opening offer to Democrats while calling on President Biden to begin talks ahead of a summer deadline to avoid a default.

The GOP plan would increase the debt limit by $1.5 trillion or until the end of March 2024, whichever comes first, McCarthy said in brief remarks on the House floor Wednesday. Known as the Limit, Save, Grow Act, McCarthy said the bill includes $4.5 trillion in savings by cutting discretionary spending to fiscal year 2022 levels and limiting the growth of future spending. It would also reclaim unspent COVID-19 funds, cancel Mr. Biden's student loan forgiveness program, rescind new funding for the IRS and enact work requirements for federal aid programs.

"If Washington wants to spend more, it will have to come together and find savings elsewhere, just like every household in America," the speaker said. "President Biden has a choice. Come to the table and stop playing partisan political games, or cover his ears, refuse to negotiate and risk bumbling his way into the first default in our nation's history."

McCarthy's bill is expected to reach the House floor next week. While any legislation that pairs a debt-limit increase with spending cuts is dead on arrival in the Democratic-controlled Senate, McCarthy is hoping to gain leverage ahead of negotiations with the White House by passing the GOP's own bill in the House.

[Pas-de-Calais]

1. Dum-arse

[LonePirate]

2. Rescinding the IRS funding is the big item Repubs want more than the others

They have been opposed to it since the bill was signed and they offered plenty of bullshit to scare their moronic base that the IRS is coming for them. It's the GOP's cash cows who are adamantly opposed to the IRS funding because they know they face a greater likelihood of being audited and forced to pay up or shut down their money schemes.

[cstanleytech]

7. I suspect the IRS one is the one they really want to cut because they fear it might uncover

things like Clarence Thomas has been caught doing.

[Botany]

3. ""If Washington wants to spend more, it will have to come together and find savings elsewhere."

House Speaker Kevin McCarthy is lying this is about paying bills that Trump and the GOP already
already have spent and the keeping the full faith and credit of America in good standing.

[cstanleytech]

4. Dead on arrival.

[nuxvomica]

5. That horse's ass needs to grow up

First of all, the IRS funding is revenue positive but the Repub's dark money owners don't want to get caught cheating on their taxes so that's why it's in the budget. And he sought to depict Biden as "bumbling" because they don't miss a chance to insult a Democrat in some way BECAUSE THAT'S ALL THEY GOT GOING.

[Novara]

6. Well, all this time and that's all he's got?

He isn't serious.

[Shipwack]

8. I'm very curious about if this bill has the support of his own party?

If every Democrat votes "no", then he can only afford to lose 4 Republican votes...

Are there any Republicans who might vote no just to screw with him?

[machoneman]

9. Yes, yes, yes! Some R's would do so just to stick it to McCarthy. I'd bet on it.

[liberalgunwilltravel]

10. Democrats reply should be simple and straight forward

The message from the Democrats should be: Republicans want to cut needed services from Americans including health care and needed help to feed hungry children while at the same time further gutting the IRS so their billionaire donors can continue to cheat on their taxes.

[edhopper]

11. Will anybody call him out

that the IRS funding will return at least double that in revenue? That he is pushing for greater debt?
Anybody? Bueller? Anybody?

[onecaliberal]

12. Mquarthy wants to ditch out on the debt he and trump amassed during his occupation.

Fuck this clown and his caucus.
The trump admin increased the debt a lot. They need to be called out.

[Nelliedog]

13. Just a handful of sane Republicans would get a clean increase

Whether they exist is another question.

[Bayard]

14. Wait till the debates

They won't be able to defend trying to cut SS, and Medicare/Medicaid. At this point, I don't see any way Biden will be debating TFG, but if he did, throw his reckless tax giveaways to billionaires back in his face.

[Major Nikon]

15. Allowing them to hold the US hostage on the debt limit should be a non-starter for any negotiations

The "talks" should be, raise the debt ceiling and then we'll talk. Until then talk to the American people about why you want to crash the economy to satisfy your anencephalic GQP overlords.

[Yo_Mama_Been_Loggin]

16. anencephalic

Learned a new word today.

Anencephaly is the absence of a major portion of the brain, skull, and scalp that occurs during embryonic development. It is a cephalic disorder that results from a neural tube defect that occurs when the rostral end of the neural tube fails to close, usually between the 23rd and 26th day following conception. Strictly speaking, the Greek term translates as "without a brain",

Fitting I guess.

[joshdawg]

17. Fuck mccarthy!

[EndlessWire]

18. These people are too stupid to govern.

Repubs just keep getting stupider and stupider.

The debt ceiling is meant to pay down bills already accrued. That would be on Trump et al. I'm not an economist but at least I get that. Raise the limit so we can pay the bills, or we will have to default, an unheard of thing for the US.

That trillions of dollars tax cut that Trump gave his buddies will sink us. When we go down, the rest of the world will suffer. China, Russia, and India will rush to fill the void. The world standard--forget the term--could cease to be the greenback.

It is only offered for one year, when McCarthy will do this again.

I don't know what this part of the game is, except that it seems to me that the Repubs seek to completely destroy every last shred of our country that they can. Why anyone would want to live this way, I just don't get. I do think that some men--and women--get a bit of power and go berserk. They are mentally ill.

I'm going back to stockpiling whatever I can. It won't be guns and ammo, but plenty of pet food, human food and water. Maybe a little modest cash.

Everyday it gets worse. These people are evil personified. Never in my life could I have imagined the cruelty, selfishness, and the unbridled enthusiasm they have shown for causing fear and anguish in those that work for a living and without whom they couldn't exist.

About the only comfort we'll have is that this will happen before 2024, and Trump will have to explain why the GOP thought this was such a swell idea.

Joe, don't give an inch on cutting benefits. Suggest raising taxes on the filthy rich--or get an economist to explain to "Can't tell his ass from a hole in the ground" McCarthy what "world depression" means, and also the special place in history he'll have...Mr. Fifteen Times McCarthy, and he wanted the job so bad...

[BumRushDaShow]

19. "It is only offered for one year, when McCarthy will do this again."

The debt ceiling was raised 3 times during 45's administration without the hostage-taking.

White House rules out concessions over debt ceiling while GOP refuses to help avert crisis
Republicans suspended the debt ceiling under President Trump but said Democrats now own the issue.


By Jeff Stein
September 20, 2021 at 8:00 a.m. EDT

(snip)

GOP lawmakers during the Trump administration voted three times to suspend the debt ceiling. Federal policymakers added trillions of dollars to the federal debt during Trump’s presidency — significantly more than has been added by Biden — with the support of Republican leaders.

(snip)

https://www.washingtonpost.com/us-policy/2021/09/20/white-house-debt-ceiling/

[maxsolomon]

20. There is one place all these supposed cost-reductions could be found, and then some.

CUT THE MILITARY.

[BumRushDaShow]

21. Actually TWO places

also REPEAL the $1.7 trillion tax cuts for the wealthy.