09 January 2023
Far-Right House Members Seek Compromise That The New President Use The Debt Limit To Force Spending Cuts
The conservative rebels in the House are demanding that the next House speaker pledge to oppose a “clean” debt limit increase later in 2023. His goal is to tie any vote to increase the nation’s debt ceiling to deep cuts in domestic spending that could include cuts to Social Security and Medicare.
If the move is successful, it will set up a showdown with Senate Democrats and President Biden and put the country at risk of default.
Rep. Ralph Norman (R-SC) made the threat publicly on behalf of his camp last Wednesday, tell reporters that Rep. Kevin McCarthy (R-CA), who was fighting to become president, would have to commit to “shutting down government rather than raising the debt ceiling” to win their support to lead the House.
Several members have saying the debt ceiling vote should be used to force cuts to Social Security and Medicare, which President Biden has vowed to oppose. The Treasury Department has not said when exactly the debt limit will expire, but economists estimate it will need to be raised sometime after July.
Rep. Lloyd Doggett (D-TX) said there “certainly is that danger” that 2023 could become a repeat of 2011, when the deadlock over raising the debt limit dragged on for months and brought the nation so close. of the default that Standard and Poor’s downgraded the credit rating of the United States.
“Many Republicans have declared that they will force the country into default, triggering a global economic crisis, unless the Democrats and President Biden agree to changes to Social Security and Medicare,” said Richard Fiesta, executive director of the Alliance. “The Alliance will do whatever it takes to ensure that doesn’t happen, whoever the new Speaker is.”
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