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The president of the House of Representatives, Republican Kevin McCarthy, presented a bill that would allow raising the public debt ceiling, in exchange for a drastic budget cut.
So that a feared paralysis of the United States Government does not occur next summer, due to lack of resources, Democratic President Joe Biden must convince the opposition to approve his project to raise the debt ceiling.
The spokesman for the Republicans in Congress, Kevin McCarthy, opened the door to dialogue, but with conditions. This Wednesday April 19 proposed to increase the debt quota by 1.5 trillion dollars, from the current 31.4 trillion for the 2023 term, under the condition of reducing expenses.
Addressing the full House of Representatives, McCarthy said: “We will responsibly raise the debt limit through next year and provide more than $4.5 trillion in savings for the American taxpayer.”
“This is how we do it: First, we limit government spending. Our plan would return discretionary spending to the levelsis prior to fiscal year 2022 and then it would limit spending growth to 1% per year,” he said.
Biden government criticizes the initiative
The presentation of the project, which occurs at a time when the 2024 presidential campaign is heating up, has already generated controversy and criticism from the Democratic government, led by President Biden himself.
McCarthy’s proposal, which he unveiled on the House floor Wednesday, would reduce the total amount of household and military spending to 2022 levels and leave retirement and health care programs projected to expand dramatically as the population ages.
The Republican plan would also repeal the green energy incentives signed by Biden last year, boost domestic oil and gas production and eliminate his $400 billion effort to forgive student loans.
From a union training center in Accokeek, Maryland, the White House chief rejected Kevin McCarthy’s plan, saying Republicans are threatening all the things they “have helped him do.”
If the debt ceiling is not raised, there would be a default starting in the summer that would rock the US and world economies.
With Reuters and EFE
