Biden Puts Economy in ‘Jeopardy’ By Not Negotiating Debt Ceiling: McCarthy

House Speaker Kevin McCarthy Criticizes Biden for Endangering American Economy

House Speaker Kevin McCarthy (R-Calif.) is not holding back in his criticism of President Biden for failing to negotiate the debt ceiling, and he’s not alone. Sen. Joe Manchin (D-W.Va.) has also called for negotiations.

“The Senate’s done nothing,” McCarthy said in an April 27 interview with Bloomberg. “They haven’t done anything on the debt ceiling, and the president’s ignored this problem.”

McCarthy is concerned that Biden’s refusal to negotiate the debt ceiling issue is putting the U.S. economy in “jeopardy.” The last time the two met to discuss the matter was on Feb. 1. McCarthy believes that only House Republicans are serious about preventing a U.S. debt default.

The Republican Bill

The GOP bill to raise the debt limit, called the “Limit, Save, Grow Act,” was passed by the House in a single day on April 27 by a 217–215 majority. Republicans intend the bill to be the basis for talks with Democrats.

• The bill calls for capping spending growth to 1 percent a year
• Returning discretionary spending to 2022 levels
• Repealing certain tax credits
• Removing barriers to boosting domestic energy production
• Taking back unspent COVID-19 relief funds
• Reimposing work requirements for people on welfare
• Canceling Biden’s $400 billion student loan forgiveness program

After the passage of the bill, McCarthy renewed his calls for negotiating with the president. “It’s up to you now,” McCarthy told reporters, as if addressing Biden. “Whether the economy gets in any trouble, it’s you. Because Republicans raised the debt limit. You have not. Neither has [Senate Majority Leader Chuck] Schumer.”

Both Biden and Senate Democrats have said that the proposed spending cuts and caps are unacceptable.

Sen. Manchin has also asked Biden to negotiate with McCarthy to avoid a default. The American people will “pay the economic price” if Biden continues to not sit down and negotiate a “commonsense compromise,” he said.

“Only a president can prevent this from becoming a full-blown domestic crisis. For the sake of our nation that we all serve, I urge the president to put politics and partisanship aside,” Manchin said in an April 28 statement. “Speaker McCarthy did his job, and he passed a bill that would prevent default and finally begin to rein in federal spending. While I do not agree with everything proposed, it remains the only bill moving through Congress that would prevent default and that cannot be ignored.”

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