House Speaker Kevin McCarthy is sounding the alarm on a potential financial crisis that could be squarely blamed on President Biden if an agreement is not reached in time to raise the debt limit.
In a fiery press conference, McCarthy made it clear that the consequences of inaction would be dire, declaring it the “Biden default” and drawing a parallel to the President’s handling of the border crisis.
With more than two dozen Republican lawmakers standing by his side, McCarthy emphasized the urgency of the situation. He pointed out that our national debt now surpasses our economy by more than 20%, and if nothing is done, we will end up paying more in interest over the next decade than we have in the past 83 years.
McCarthy warned, “If we do nothing, and mark my words, we might just get a Biden default – he can’t keep ignoring problems as he did with the border.”
In a surprising turn of events, Democrats have finally shown a willingness to negotiate on the debt ceiling after insisting on a “clean” increase for months. McCarthy seized the opportunity to applaud this development, highlighting the fact that both President Biden and Senate Majority Leader Chuck Schumer have backed off their previous stance.
This indicates a potential breakthrough, with Schumer even mentioning the importance of a bipartisan bill to avoid default.
While Republicans acknowledge the slight progress made, they are not letting up on their pressure. They have made it clear that if a deal is not reached by June 1, when the U.S. is expected to run out of funds to meet its obligations, they will hold President Biden accountable.
McCarthy reiterated his stance, stating, “This is a moment for us to take a stand. The question now is whether we will witness a Biden default or not.”
During the press conference, McCarthy also addressed a reporter’s question about Biden’s opposition to work requirements for federal benefits. Republicans, known for their commitment to fiscal responsibility, consider work requirements essential to ensure accountability.
McCarthy responded with a mix of humor and facts, highlighting Biden’s voting history in support of work requirements during his time as a U.S. senator.
The stakes are high, and Republicans are determined to protect the American people from the consequences of reckless spending.
They believe it is crucial to tying any increase in the debt ceiling to spending cuts, as outlined in their Limit, Save, Grow Act. The ball is now in the Democrats’ court to work toward a compromise that secures the nation’s financial stability.
Source Fox News
