OAN Geraldyn Berry
UPDATED 4:37 PM – Monday, April 17, 2023
To enable the United States to fulfill its payments through 2024, Speaker Kevin McCarthy stated on Monday that House Republicans would vote on their own debt ceiling resolution.
McCarthy addressed business leaders at the New York Stock Exchange.
“Since the president continues to hide, House Republicans will take action. So here’s our plan: 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 dependent upon China, curb our high inflation — all without touching Social Security and Medicare,” McCarthy said. “Simply put, it puts us on a responsible fiscal path in three ways: limit, save, and grow.”
McCarthy asserted that over the previous two years, expenditure on discretionary items, which are funds that are annually approved by Congress through spending bills that are then signed by the president, had increased 17%.
When the country’s debt reached its $31.4 trillion ceiling in January, Treasury Secretary Janet Yellen was forced to take “extraordinary measures” to make the required payments.
As of Monday, however, there was no bill, just McCarthy’s proposal. Before a law could be sent to President Joe Biden for his signature, the Democrat-controlled Senate would have to approve it.
Biden has said in the past that he would not negotiate with House Republicans when it comes to raising the debt ceiling.
Although the Treasury Department has set a timetable for raising the debt ceiling for early June, other analysts predict it may happen between July and September.
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