House Speaker McCarthy trying sell whqat his party wants, which is spending cuts on Social Programs , NO let up on the current tax structure and ABOVE all?
The ability to say ‘he’ and his party CUT Biden and Democratic efforts to keep spending…..
And to wiggle and excuse for joining the others guys in actually raising the debt ceiling like they ALWAYS do…..
BTW?
The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center. And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war….
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As negotiators for the White House and House Republican leaders struggle to reach a deal over how to raise the nation’s debt limit, a solution that harks back to old budget fights has re-emerged as a potential path forward: spending caps.
Putting limits on future spending in exchange for raising the $31.4 trillion borrowing cap could be the key to clinching an agreement that would allow Republicans to claim that they secured major concessions from Democrats. It could also allow President Biden to argue that his administration is being fiscally responsible while not caving to Republican demands to roll back any of his primary legislative achievements.
The Biden administration and House Republican leaders have agreed in broad terms to some sort of cap on discretionary federal spending for at least the next two years. But they are hung up on the details of those caps, including how much to spend on discretionary programs in the 2024 fiscal year and beyond, and how to divide that spending among the government’s many financial obligations, including the military, veterans affairs, education, health and agriculture….
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Speaker Kevin McCarthy is attempting a difficult balancing act as he tries to extract spending concessions from President Biden in exchange for raising the debt ceiling: cobbling together a deal that can win the votes of a majority of Republicans without alienating the critical mass of Democrats he would need to push it through the House.
Hard-right Republicans have fueled the debt-limit standoff by demanding deep spending cuts as the price of averting a default, and they are all but certain to oppose any compromise. That means that Mr. McCarthy, a California Republican, would need the support of a solid bloc of Democrats in the closely divided chamber.
The political reality is weighing on both Republicans and Democrats in the debt-limit talks, which continued Tuesday on Capitol Hill with no sign of imminent resolution. Mr. McCarthy and Mr. Biden are weighing compromises that would likely result in losing the votes of both the hard left and right flanks in Congress, meaning they would need to assemble a coalition of Republicans and centrist Democrats to back any final deal to avert a default.
The strategy carries steep political risks for Mr. McCarthy, who won his post earlier this year after a bruising 15 rounds of votes in part by promising to elevate the voices of his most conservative lawmakers — and agreeing to a snap vote to oust him at any time. He can afford to lose conservatives’ votes on the debt ceiling, but if he strikes a deal that angers them too much, he could be out of his job….
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House Republicans do appear willing to drop some provisions in a bill the chamber approved last month to raise the debt ceiling, especially a call for Biden to abandon his student loan forgiveness program and to cancel some green energy tax credits. But they’re also determined to push for more concessions that weren’t even in that legislation. Not only have they ruled out Biden’s proposals to increase revenue by closing tax loopholes — traditionally a part of bipartisan deals to lower the deficit — but they are also insisting on increasing spending on the military, homeland security and veterans services while cutting funds for domestic programs. That would be a change from how a similar standoff was resolved in 2011, when the last bipartisan bill to raise the debt limit and cut spending passed — the Budget Control Act, which affected defense and nondefense budgets equally.
“The off-ramp here is to solve the problem, to spend less than we spent last year,” McCarthy told reporters Wednesday. “That’s not that difficult. They still want to spend more. You cannot do that. No household will do that.”
Somebody gonna have to blink….
Debt Ceiling Talks Remain Stuck
“Speaker Kevin McCarthy sent House Republican negotiators to the White House this afternoon for another round of debt-limit talks with the U.S. government just days from a catastrophic default,” Punchbowl News reports.
“Sources close to the talks tell us that the two sides haven’t made much progress. Reps. Patrick McHenry (R-NC) and Garret Graves (R-LA) – McCarthy’s chief negotiators – spoke to White House officials until late Wednesday night in a bid to break the impasse over spending levels and tightening work requirements for social safety-net programs.”
“The Biden administration requested that the Republicans meet on the White House’s campus – in the Eisenhower Executive Office Building – after meeting for days on Capitol Hill. But McHenry said no one should read too much into the venue change, saying neither side has budged.”