House Speaker Kevin McCarthy believes he has the votes to pass the Republicans' bill to raise the debt ceiling, the Conservative Brief reported. The plan raises the limit another $1.5 trillion or until March 2024, whichever happens first.
The national debt is currently more than $31 trillion with $559 billion in interest due, Maria Bartiromo said last weekend on Fox News's "Sunday Morning Futures" program. Bartiromo asked McCarthy about the Republicans' plans to raise the debt ceiling to avoid a default on this monumental liability.
In McCarthy's assessment, the Republican majority in the House of Representatives, coupled with the urgency of the matter, should garner enough support. "We do have a very small majority, only five seats, one of the smallest we have ever had," he told the host.
Currently, there are four Republicans in the House who may side with the Democrats' plan instead. However, the California Republican downplayed that threat.
"I cannot imagine someone in our conference that would want to go along with Biden’s reckless spending," McCarthy said. He went on to explain the legislation was a compromise but one that most should be willing to make.
"It’s not where everybody gets 100% of what they want, but when we send this to the Senate, we’re showing that, yes, we’re able to raise the debt ceiling into the next year, but what we’re doing is we’re being responsible fiscally and bringing our house back in order," McCarthy said. "It doesn’t solve all of our problems, but it gets us on the right path, and this gets us to the negotiating table just as government and America expects us to do."
Biden will likely hold out for his own party's plan, but McCarthy believes the GOP plan will ultimately pass. "We will hold a vote this week, we will pass it, and we will send it to the Senate, and for more than 80 days where the president has ignored us, calling people names for things he even voted for himself makes no sense or logic to it," McCarthy said.
"I think as president and the leader of the free world, this is one of the problems we have challenging around this country, around the world. He needs to show leadership and come to the negotiating table instead of put us in default," McCarthy further explained.
"This is risky, what he’s doing. He’s threatening the markets," the House Speaker said.
President Joe Biden has called the Limit, Save, Grow Act of 2023 "wacko" even as the GOP seeks to fix the problems he's created. "America is not a deadbeat nation," Biden said last week, NBC News reported.
"Just two days ago, the speaker of the House, Kevin McCarthy, went to Wall Street to drive home the MAGA economic vision for America," Biden claimed. "He proposed huge cuts in ... programs that millions of hard-working and middle-class Americans count on,"
the president added.
The Republican plan includes reducing spending as a way to ensure the government won't continue to pile onto the mountain of unsustainable debt. However, Biden claimed the GOP agenda was "the same old trickle-down dressed up in MAGA clothing."
Biden is angry that Republicans won't go forward on a plan without cuts. "We meet our obligations. … No one should do anything to jeopardize the full faith and credit of the United States of America," Biden said. "They say we’re going to default unless I agree to all these wacko notions of theirs."
Lawmakers must get serious about cutting spending and reducing the national debt to solve the problem of hitting the debt ceiling. McCarthy may get the necessary votes, but this problem will never stop popping up every so often if Democrats aren't also on board.