Kevin McCarthy Accuses Biden of Pivoting on Debt Ceiling Talks During G-7 Summit in Japan.
House Speaker Kevin McCarthy (R-California) has accused President Biden of flip-flopping on debt ceiling negotiations, yielding to progressives within his own party as concerns of a default persist. McCarthy argued during “Sunday Morning Futures” that Biden’s travel to Japan to attend the G-7 Summit marked a turning point in the stalled talks as fears of a potential financial crisis mount should the country run out of cash.
Now, the president, despite being abroad, decided to switch positions… I do not comprehend that. I was neglected for 97 days. We were positioned favorably. McCarthy told Maria Bartiromo, “He travels abroad and now wants to change the debate.” “This is unhealthy. There are only 11 days left to approve a bill through the House and Senate.
McCarthy criticized Biden for reversing course on debt negotiations, noting that the shift occurred after the far-left wing of the Democratic Party pressed for increased government spending and warning of potential electoral repercussions if concessions were made.
McCarthy remarked, “The president’s position has shifted dramatically since the more progressive socialist wing of the party declared its desire to spend more money.” “He has now brought something to the table that everyone said was off limits. It appears that he desires default more than he desires an agreement. That’s not where I am, and if you know anything about me, Maria, it’s that I will never give up.”
“We can solve this problem and make our economy stronger,” he continued. “Contain inflation, reduce reliance on China, and concentrate on American problems with American solutions.”
During his press conference from Hiroshima at the conclusion of the summit, President Biden accused “MAGA Republicans” of sabotaging debt negotiations in an attempt to sabotage his re-election bid in 2024.
Biden stated, “On the merits, based on what I’ve provided, I am without fault.” “No one would be blameless from a political perspective. And by the way, this is something that some [individuals] are considering. Well, I must be cautious here. I believe that some MAGA Republicans in the House are aware of the damage it would cause to the economy, but because I am president and presidents are liable for everything, Biden would shoulder the blame. And that is the only way to guarantee that Biden will not be re-elected.”
Some Democrats urged the president to use the 14th Amendment to circumvent congressional negotiations to avoid making concessions to Republicans. Section 4 of the 14th Amendment states, “The validity of the public debt of the United States authorized by law, including debts incurred for the payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.”
However, some constitutional law scholars have expressed skepticism regarding the president’s use of the amendment to increase the debt ceiling.
During his press conference in Hiroshima, however, Biden admitted that the legal dispute would render the action irrelevant, stating that the appeals process would push a final decision well past the date of default.
However, some constitutional law scholars have expressed skepticism regarding the president’s use of the amendment to increase the debt limit.
During his press conference in Hiroshima, however, Biden conceded that the legal dispute would render the action irrelevant, stating that the appeals process would push a final decision well past the date of default.
McCarthy stated, “We have more money coming into the coffers than ever before in history.” “The true obstacle is our expenditures. Our expenditure has averaged about 21% of our income over the past fifty years. In FY22, after the Democrats assume control, we’ll be roughly 24% of GDP, so we have a spending problem.”
McCarthy stated, “We have more money coming into the coffers than ever before in history.” “The true obstacle is our expenditures. Our expenditure has averaged about 21% of our income over the past fifty years. In FY22, after the Democrats assume control, we’ll be roughly 24% of GDP, so we have a spending problem.”
Treasury Secretary Janet Yellen previously stated, “after reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to meet all of the government’s obligations by early June, and possibly as early as June 1 if Congress does not raise or suspend the debt limit by then.”
