House Speaker Kevin McCarthy's (R-CA) debt limit speech at the New York Stock Exchange on Monday may have been exactly what Republicans wanted to hear: He declared the House GOP would pass its own debt limit plan and cut government spending without touching Social Security and Medicare.
Democrats, on the other hand, were not convinced by McCarthy's threat that the Biden administration"will bumble into the first default in our nation's history." Nor were they impressed with the logistics of McCarthy's forthcoming plan."Let me be clear: A no-strings-attached debt limit increase will not pass," McCarthy said during his speech."But since the president continues to hide, House Republicans will take action.
"Extreme MAGA Republicans continue to treat the full faith and credit of the United States as a hostage situation while their so-called budget proposal remains in the witness protection program," Stephenson said in a statement."As always, we will evaluate any legislative text when and if House Republicans can ever agree with themselves about how much they want to devastate American families in order to finance tax cuts for the wealthy, well-off and well-connected.
Schumer also criticized Republican insistence on cutting government spending."Speaker McCarthy insists on cuts. Well, there's a time to discuss what kind of cuts folks are looking for or taxes they want to raise. It's called the budget," he said."It shouldn't be part of this conversation."
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