As Congress debates raising the debt ceiling, Rep. Jim Banks (R-IN) claimed House Republicans are “adamant” about protecting programs like Social Security and Medicare.
The U.S. government has over the $31.3 trillion debt cap, which prompted the statements from the banks last week when Treasury Secretary Janet Yellen told House Speaker Kevin McCarthy (R-CA). Yellen assured McCarthy that the United States would not default on its debt by using “exceptional measures.”
Banks told Robert Costa of CBS News that the Republican majority in the House had a “responsibility to use that majority to address meaningful budget changes.”
“Therefore, the debt ceiling provides us with a real talking point. Banks added, “I hope the Democrats will come to the table.” I am holding out hope that President Biden will join us here. Senate Democratic Leader Chuck Schumer and his colleagues need to get down with House Republican leaders and figure out where we can find common ground. “That is the whole point of a negotiation,”
Are you hoping that Medicare and Social Security will be part of these talks? Costa addressed his query to Banks.
Banks said, “No,” and he meant it. When I say, “I think that none of us want to touch Social Security, Medicare, Medicaid, programs that seniors and others are dependent on today or who will soon rely on those programs,” I think I speak for the great Republicans in the majority.
“Right now, I have never seen such a steadfast movement from inside the Republican Party to keep their hands off those programs. To safeguard systems like Social Security for future generations, we may make modifications in the future – long into the future,” Banks said.
During the epidemic, the banking industry suggested reducing funding for “bloated” federal agencies.
However, as Banks emphasized, “the easiest response now is to look at where we can eliminate needless expenditure.” Trillions of dollars were spent in the name of COVID, some of which addressed the epidemic, and some had nothing to do with the pandemic, but it still inflated every government department.
Banks warned that future Americans would “face the weight of a $32 trillion, and increasing, national debt” if Congress does not make significant adjustments. He said, “And if we just punt on it and we simply approve a clean debt ceiling hike once again, then it just means that my daughter’s generation, our kids and grandkids, will watch that $32 trillion national debt expand to $40 trillion, $50 trillion, and beyond.”
Former President Trump’s advice to House Republicans not to bring up entitlement programs during debt ceiling discussions has been echoed by Banks.
Trump stated, “Republicans should not vote to remove a dime from Medicare or Social Security to help pay for Joe Biden’s irresponsible spending spree, which is more reckless than anybody has ever done or had in our nation’s history.”