To resolve that stalemate, Congress passed and President Barack Obama signed the Budget Control Act. The bill temporarily allowed borrowing to resume, set new spending limits and created a bipartisan “supercommittee” to recommend at least $1.2 trillion more in deficit reduction over 10 years. Republicans and Democrats on the panel failed to compromise, however, triggering automatic reductions in spending.
“President Biden is not President Obama, right?” said Rep. Scott Perry, R-Pa., the leader of the hard-right House Freedom Caucus. “His poll numbers are in the tank and they’re going to keep going down.” “Some of these people are substituting belief for empirical evidence and don’t accept the warnings of economists, Wall Street, Janet Yellen,” Connolly said.Breaching the debt ceiling is different than a federal government shutdown. The government can continue to operate once the Treasury has exhausted its cash-on-hand. But outgoing payments would be limited to incoming revenue. Not all payments could be made on time and in full.
GOP leadership in the Senate has also voiced support for McCarthy’s efforts. But some Senate Republicans say spending fights should be relegated to the annual spending bills that Congress passes to fund government agencies. An increase in the debt limit doesn’t authorize new federal spending — it only allows borrowing to pay for what Congress has already approved.
SpeakerMcCarthy Don't raise the debt ceiling one cent NoMoreDebt
Printing money = inflation = increase interest = Banking crisis = Printing money
dont pay and let china repo trumps weave
I knew as soon as SpeakerMcCarthy got the gavel he would again hold America hostage for his corporate tax breaks and big oil handouts ! But this time it is so ridiculous that he intends on punishing Americans for trump ! He’s a traitor an needs to be removed from gavel
Can't wait for the debt ceiling fight to be resolved with a good old-fashioned game of Rock, Paper, Scissors.
Repbs need to use their power to not fund the Dems crazy agendas
That's because the Republican Criminal Congress is in charge of the house. WTAF is their plan?
Radical leftists are trying to burn the country down.
Political theater from SpeakerMcCarthy who cut too many deals for votes to advance his career at the cost of every day Americans!
Maybe if they adopted policy that actual worked for the people instead of throwing everything but the kitchen sink in. Where’s the 1.7 trillion that they got? What we need is accountability for what was already allocated.
The liberals want to pass an $8trillion dollar budget, knowing we’ll take in half of that in taxes. China has reduced its treasury bond holdings to all time low, as Russia, Iran, Saudi Arabia look to join with them an trade oil with the Yen, instead of U.S. dollar
Stop spending!!!
Oh please. This is just a sound bite. GOP is going to raise it. They don't want to kill their bottom line or their corporate donator's. It's all about the money..
Biden is the disaster
They should just print more money again.
The AP creating fake drama. Until the don't vote to raise the debt ceiling it's all speculation and not reporting the news.
'trouble' being republican brinkmanship taking the nation to the edge of defaulting on the obligations they helped create. Since 1960, the US has either raised, extended, or revised the debt limit 78 separate times, and has never failed to raise the debt ceiling.
'GOP Insanity Rises' There, I fixed it for you.
This Republican Congress is full of traitors hellbent on burning it all down…with SpeakerMcCarthy at the helm.
Duh. Look who's in charge. A bunch of DJT cronies.
It's pretty simple logic. The world is beginning to reject the US dollar, and we can't keep spending out of control. This was ALL predicted a long, long time ago.
The GOP raises the debt ceiling for themselves, regardless, always. They are willing to crash America just out of spite. Criminal.
Republicans raised the debt ceiling under Trump without a peep of protest. They only threaten economic destruction when a democrat is in the White House. This isn't about fiscal restraint; it's economic terrorism, pure and simple. Biden should offer nothing. Nada. Zip. Zero.
Indict the insurrectionist Congress. Problem solved.
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