There is still no resolution in sight for the ongoing fight between Democrats and Republicans over the imminent debt ceiling catastrophe.
This week, representatives of both parties have taken potshots at one another, laying blame for the failure of continuing negotiations on the other side.
Representative Jim McGovern (D-Massachusetts) had a leftist breakdown on MSNBC, blaming Republicans for undermining President Joe Biden’s initiatives.
“Give me a g—–n break!” McGovern yelled. I don’t know why they think it’s a good idea to try to balance the budget by raising taxes on the poor and the elderly, who are already struggling to make ends meet, but we can’t raise taxes on the wealthy or cut expenditures on the military.
The Treasury Secretary has expressed misgivings about invoking the 14th Amendment, but other Democrats have called on Biden to do so nonetheless.
To prevent a default, House Speaker Kevin McCarthy (R-Calif.) is pushing his Limit, Save, Grow Act through the Senate. His plan calls for cutting expenditures by around $150 billion between this fiscal year and the next while raising the federal borrowing ceiling by $1.5 trillion.
Rep. Chip Roy (R-TX) also vented his frustrations on his own party, urging them to maintain a hard negotiating position in order to prevent a recession in the United States.
What are the Republicans up to, anyway? Taking off! Roy remarked, “They’re saying they’ll never give up their pet inflation control act.” As the saying goes, “They’ll give it up if we take it to them and hold the line for the American people!”
Time is running out. Legislators and investors alike are understandably worried about the Treasury Department’s projected default date of June 1, 2023.
Vice President Biden has not wavered from his position that the White House is “dug in” on expanding government spending and taxation. But since Republicans are opposed to the Democrats’ plan, talks about raising the debt ceiling have stalled.