Republican Criticizes McCarthy and Biden’s Debt Limitation Deal
President Joe Biden and House Speaker Kevin McCarthy are negotiating a deal to settle the country’s debt ceiling just days before they run out of money, but U.S. Representative Bob Good is deeply concerned about the intricacies of the ‘OK.
The United States hit its legal debt limit of $31.4 trillion in January, and the unresolved issue remains a threat to the national economy as Treasury Secretary Janet Yellen warned the country would default on its debt if an agreement is not reached by June. 1. McCarthy and Biden have remained stubborn about their respective plans and the impasse has hampered any progress until recently, when Biden and McCarthy met on Thursday to flesh out a potential deal in the final moments before a default.
However, as they negotiate and rumors of the deal begin to spread, Republicans are casting doubts.
Well, a Republican, appeared on Fox News on Friday and slammed his fellow Republican for the deal he is negotiating with Biden. Previously, McCarthy had argued that he would refuse to raise the debt ceiling unless budget cuts were implemented.
Asked about the intricacies of the bill, which is rumored to not include stipulations regarding Biden’s student debt relief plan — something Good wanted out of the deal — Good had a point. from a critical point of view.
“If these rumors are true, this would be a devastating deal for the country,” said Good, who did not vote for McCarthy as House Speaker.
Newsweek contacted Good’s DC office by phone for comment.
What is included in the proposed debt limit agreement?
Newsweek said that under the proposed deal, the debt ceiling would be raised by two years while imposing strict caps on discretionary spending. Defense spending will increase by 3%, but non-military spending will remain neutral in 2024. In 2025, all discretionary spending will increase by 1%.
The deal may include certain climate attributes, like renewable energy projects, that are consistent with Biden administration goals. However, the deal could be seen as a win for McCarthy if the Speaker of the House secures spending caps.
The fate of Biden’s student debt relief plan remains in limbo as the Supreme Court mulls its legality, and many Republicans are adamant about scrapping the relief package from the debt ceiling plan . The issue was important to Good, who introduced a bill in March that would roll back Biden’s student debt relief plan and end the payment pause. The bill passed the House on Thursday, and Good expressed his displeasure with the remaining debt relief in the spending bill when pressed by Fox News.
McCarthy admitted the bill is unlikely to please everyone when he spoke to reporters outside the U.S. Capitol on Thursday.