Just before President Biden’s State of the Union address to Congress on Tuesday, Speaker Kevin McCarthy (R-Calif.) supported using the debt ceiling as a negotiating tool to get spending down in remarks Monday night.
“Nearly every successful attempt to reduce federal spending in recorded history has involved debt limit negotiations. Why? McCarthy said in a nearly 10-minute speech Monday night. “Because the problem is only solved when both sides come to the table,” McCarthy added.
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He noted that Biden opposed raising the debt ceiling during the debt ceiling debate twenty years ago when he was a senator.
McCarthy and Biden met at the White House last week, and the speaker said they could find “common ground” on the debt ceiling issue. The White House has called for a “clean” debt ceiling increase that is not associated with any additional spending requirements, thus far making no progress toward a deal.
Biden will use his State of the Union address to highlight the deficit-reduction measures he signed into law, including raising taxes on big corporations, and criticize Republicans for passing Trump-era tax cuts that have increased the debt, White House Press Secretary Andrew Bates McCarthy said. Released before the speech.
House Republicans have a non-negotiable, constitutional responsibility to prevent a default, which would deliberately send our economy into a spiral, unless they further cut Social Security, Medicare and Medicaid. It’s completely backwards, Bates declared.
McCarthy brushed aside concerns about cuts to entitlement spending and dismissed White House arguments that Republicans wanted a “responsible debt ceiling increase.”
McCarthy declared, “We will defend our ability to defend this country from outside threats.” Cuts to Medicare and Social Security are not an option.
We cannot afford to default on our loans. But according to McCarthy, the future is not marked by increased taxes, higher interest rates, or a hostile environment for American workers.
McCarthy said he would continue to talk to Biden and try to establish “common ground” using a different strategy.
“Don’t set limits or declare that your method is the only way. There are no political games or gimmicks in the policy, McCarthy said. But, most importantly, unlimited spending should not be done.
“We will not raise taxes. “I want to be very clear on that,” McCarthy told reporters.
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