With the country days away from running out of cash, the White House and House Speaker Kevin McCarthy have hammered out a deal to reduce government spending, rescind IRS funds and unused COVID-19 funds, and include pro-growth permitting reform — all while ensuring we avoid default.All House Republicans deserve praise for securing the most taxpayer-friendly bill possible.
For months, Biden refused even to meet with Congress on how to raise the debt ceiling responsibly. It was this president that pushed the country to the brink of default — not Republicans — no matter how many times he tweeted to make this falsity a fact. Much to their credit, McCarthy and the Freedom Caucus have fought to right our fiscal ship. Reports indicated that the provisions are similar to the Limit, Save, Grow Act, which includes spending caps going back to at least fiscal 2022, a clear reduction to government spending. These are real, tangible savings over the next decade.
No one benefits from a disastrous default because it would have an unprecedented impact on everyday people. As I’ve written in the past, a default would hurt the economy, slam the housing market, plunge the stock market, and actually make financing government spending more expensive. It’s a scenario that needs to be avoided at all costs.
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