McCarthy Reveals Debt Ceiling Bill, Calls for Negotiations
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McCarthy Reveals Debt Ceiling Bill, Calls for Negotiations
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As our nation barrels toward an unprecedented crisis, both sides of the political aisle are adopting contrary solutions. Save us from this mess, Lord!
From CNBC. House Speaker Kevin McCarthy, R-Calif., on Wednesday released his plan to raise the debt ceiling by $1.5 trillion for about a year while attempting to repeal major components of President Joe Biden’s agenda.
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McCarthy said the bill, called the Limit, Save, Grow Act of 2023, would save American taxpayers more than $4.5 trillion by limiting discretionary spending, retrieving unspent pandemic-related funds, eliminating Biden’s student loan forgiveness plan and cutting funds earmarked for the Internal Revenue Service.
The cuts would be in exchange for a one-year debt ceiling increase. McCarthy called on Biden and Senate Majority Leader Chuck Schumer, D-N.Y., to “sit down, negotiate and address this crisis” … Extraordinary measures to avoid the first-ever U.S. sovereign debt default are on track to run out this summer. …
Even if the House GOP passes it, the Democratic-controlled Senate would likely kill the measure.
McCarthy’s announcement comes after days of speculation about the GOP proposal to temporarily raise the debt limit for certain cutbacks, such as a stall on non-defense discretionary spending.
The House speaker also doubled down on proposals for stricter work requirements for adults without dependents, the repeal of “Biden’s army of 87,000 IRS agents” and the president’s student loan forgiveness program …
McCarthy also argued the measures will protect Social Security and Medicare by driving more people into the workforce to pay for it. Yet Democrats say it will hurt millions. …
The White House has maintained it will not negotiate on the debt ceiling and that Congress should pass a clean increase and address any budgetary concerns separately. …
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(Excerpt from CNBC. Photo Credit: Getty Images)
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Father may Kevin McCarthy stand firm. May he not give in to the demands for more money for the debt ceiling that will continue to rise year after year. I pray you would open the eyes of those who feel more debt for our nation is an ok thing. In your mercy, restore our nation and may our leaders bow before you for wisdom.
Thank you Father God that you are implementing wisdom and monetary responsibility among the leaders in congress. As Christians and children of yours’s we are suppose to be the lender and not the borrower. I pray that America is blessed as we hold to your Word. IJN