Kevin McCarthy kickstarted talks with the White House, but his proposal may not even have the Republican votes to move forward
In a speech delivered at the New York Stock Exchange on Monday, McCarthy previewed his bill and called for fiscal restraint, lamenting the federal government’s ballooning debt.
“It’s not about fiscal discipline. It’s about cutting benefits for folks that … they don’t seem to care much about,” Biden said Wednesday at a union hall in Maryland. “It’s about finding ways to squeeze out more of America’s middle class.” Gordon Gray, director of fiscal policy at the center-right thinktank American Action Forum, framed McCarthy’s proposal as an “opening bid” to ignite negotiations.
Noting that Democrats and Republicans worked in a bipartisan fashion to repeatedly address the debt ceiling during Donald Trump’s presidency, Schumer drew a clear distinction between covering bills already accrued by the government and changing spending habits moving forward. However, it remains unclear whether McCarthy even has the votes in the House to pass his bill. Some hardline conservativesof the proposal, calling for more stringent Medicaid work requirements and even questioning whether the debt limit needs to be raised at all.
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