U.S. House Speaker Kevin McCarthy, R-Calif., said Monday Republicans will vote to cut federal spending when it agrees to raise the debt ceiling, setting the stage for a pending political struggle over growing federal debt and what to do about it.
"In the coming weeks, the House will vote on a bill to lift the debt ceiling into the next year, save taxpayers trillions of dollars, make us less dependant on China, curve our high inflation, all without touching Social Security and Medicare." U.S. Treasury Secretary Janet Yellen has warned lawmakers that they face a looming deadline: raise the debt limit or face defaulting on U.S.' debt obligations, an unprecedented failure that would have major consequences for the global and U.S. economy.
"Our legislation accomplishes the same goal by returning the federal government to 2022 levels, and then limit the growth to spending over the next 10 years to 1% of annual growth." McCarthy also called for examining federal waste and overreach before borrowing more money and becoming more competitive with China.
McCarthy expressed confidence in passing a debt limit increase, but so far there has been little evidence of Biden and Republicans coming to an agreement to move forward.
The U.S. Congressional Budget Office, the official budget analysis group for Congress, said in February that debt is growing faster than expected.
According to the analysis, federal debt held by the public will rise "From $24.3 trillion at the end of 2022 to $46.4 trillion at the end of 2033." "As a percentage of GDP, that debt is projected to stand at 118 percent at the end of 2033 - about 21 percentage points higher than it was at the end of 2022 and about two and a half times its average over the past 50 years," CBO said.
"The longer President Biden waits to be sensible, to find agreement, the more likely it becomes that his administration will bumble into the first default in our nation's history." Biden has said the debt ceiling is too serious to negotiate around and has called for simply raising it.
https://www.thecentersquare.com/national/article_e87b0ec6-dd4a-11ed-865e-bf0fad02efb0.html
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