(LibertySociety.com) – During a press conference on May 4th, 2023, Senator J.D. Vance, R-Ohio, torched President Joe Biden for refusing to negotiate with House Speaker Kevin McCarthy on the debt ceiling. He stated that the actions of House Republicans saved the “President of the United States from his own failure of leadership” by passing legislation that increases the debt ceiling but will also reduce the deficit by $4.8 trillion over the next decade. President Biden and the Democrats are demanding a debt ceiling increase with no limitations and will accept nothing less.
Biden called McCarthy from the White House during his trip to Israel on May 1st, 2023, inviting him to a meeting to discuss the debt ceiling on May 9th, 2023, but stated that there would be no compromise on increasing the limit, which Republicans have not suggested. Republicans passed legislation in the House on April 26th, 2023, to increase the debt ceiling while also cutting funding for some of the climate agenda items that were part of the Inflation Reduction Act, in addition to doing away with student loan debt relief and other things that President Biden says are non-negotiable.
Senator Vance said that this “could have been a very productive process” if Biden would have engaged with McCarthy, adding that the Republicans who voted for the bill may not be happy about every aspect of it, but negotiating in a bipartisan manner and working for the people is the duty of Congress. He accused Biden of “playing Russian roulette” with the US’s finances.
Treasury Secretary Janet Yellen is encouraging members of Congress not to wait until the last minute to get something done, as she cannot be certain of an exact date that the United States will hit its debt limit. Senate Majority Leader Chuck Schumer said he would hold hearings over the bill passed in the House, with the goal of picking apart the legislation to show Americans exactly what is in the bill, hoping for public backlash.
According to reports, Biden met with McCarthy and other lawmakers on May 9, but McCarthy indicated there was no notable “movement” on the issue.
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