’s debt limit bill if it managed to pass the Democrat-controlled Senate and reached the president’s desk.said in a statement. “Therefore, if the president were presented with the [legislation] … he would veto it.”
Mr. Biden’s threat comes as House Republicans prepare to pass legislation this week that would raise the nation’s debt ceiling by $1.5 trillion in exchange for $4.5 trillion in spending cuts. Republicans want to cut federal spending by $130 billion for the upcoming fiscal year and limit future budget growth to 1% annually over the next decade.lawmakers also propose to rescind at least $90.
“President Biden’s reckless spending created record inflation, made us more dependent on China, and undermined Social Security and Medicare,” said House Speaker Kevin McCarthy, California Republican.legislation would impose new requirements that individuals work at least 20 hours per week to qualify for Medicaid and food stamps. It also increases the age limit for work requirements from 49 to 55.
Beyond cutting spending and restructuring the social safety net, the bill overhauls the nation’s energy-permitting laws and provisions requiring congressional approval for any new regulations with an economic impact of more than $100 million per year. “This legislation would force severe cuts to education , food safety inspections, rail safety, healthy meals for seniors, research on cancer and other diseases, border security, public safety, and veterans’ medical care,” the
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