After meeting with President Joe Biden, Republican House Speaker Kevin McCarthy of California expressed hope that the two parties might find “common ground” on the debt ceiling and spending.
According to McCarthy, he and Biden had a “nice first meeting,” during which they discussed their divergent views on increasing the debt ceiling.
We said we’d keep talking, so let’s see if we can make that happen. When all is said and done, I believe we will be able to find some middle ground. McCarthy said, adding that he and Biden will keep talking about possible debt ceiling deals.
“I told the president I would like to see if we can come to an agreement much before the deadline and we can start working on other things,” he continued.
Some MPs have urged for the creation of a commission to find budget cutbacks; however, McCarthy seems to rule out this possibility.
“We don’t need someone on the take to tell us… The Speaker remarked, “We have spent too much.
The greatest threat to America, according to McCarthy, is our debt.
As part of the process of increasing the debt ceiling, several Republicans in the Senate and the House have advocated for changes and cutbacks to structural expenditure.
Biden has advocated increasing the debt ceiling without any associated budget reductions or structural changes.
When the debt ceiling was last raised in 2006, then-Senator Joe Biden (D-DE) voted no out of concern over the growing deficits under then-President George W. Bush.
During a speech he gave to the Senate in 2006, Biden said:
The truth had shifted. Both of his campaign pledges—to achieve fiscal neutrality and reduce debt—were shown as fraudulent. [Italics mine]
However, he evaded blame for his actions. He just couldn’t accept the fact that the world had changed and he needed to adapt.
His intransigence has dug our already deep hole even further. With his reluctance, the national debt increased by $450 billion in 2002, $984 billion in 2003, and $800 billion in 2004. Today we’re back at it, this time throwing in an extra $781 billion. Because of this increase, our national debt will reach $8.6 trillion by year’s end.
According to the President’s budget, by the conclusion of the following five years, that figure will have increased to $11.8 trillion. This is a shocking display of callousness for the long-term health of the American economy. It’s a public admission of callousness toward the cost our descendants will incur to repay our debt. This document won’t be looked upon favorably by historians.
Chuck Schumer (D-NY), the Democratic leader in the Senate, warned on Monday, “No hostage-taking, no brinkmanship. Raise the borrowing limit.”