Biden blasts McCarthy on debt ceiling proposal

President Joe Biden blasted House Speaker Kevin McCarthy (R-CA) on social media on Wednesday over the GOP’s new debt ceiling proposal.

The president slammed McCarthy’s recent trip to Wall Street, where he laid out his proposal. House Republicans unveiled the 320-page proposal earlier on Wednesday, and it included raising the debt ceiling by $1.5 trillion or until March 25, 2024 — whichever comes first.

BIDEN HITS MCCARTHY ON DEBT CEILING DISCUSSION: ‘SHOW ME HIS BUDGET’

“When Speaker McCarthy went to Wall Street, he did not tell the wealthy it was time to start paying their fair share of taxes,” Biden tweeted. “Instead, he proposed huge cuts to programs that millions of Americans count on and threatened to become the first speaker to default on our national debt.”

The GOP budget proposal would cancel Biden’s student loan debt forgiveness plan and add working requirements for federal aid, according to CBS.

Another portion of the budget would repeal nearly a dozen clean energy subsidies recently authorized by the Inflation Reduction Act as a way to reduce federal spending.

Biden’s comment comes shortly after a speech at the Union of Operating Engineers Local 77 Training Center, where he also blasted the proposal as a “MAGA economic agenda.”

“You and the American people should know about the competing economic visions of the country that are really at stake right now,” Biden said. “Just two days ago, the speaker of the House, Kevin McCarthy, went to the Wall Street to drive home the MAGA economic vision for America.”

Tension surrounding the debt limit has risen in recent weeks despite Biden and McCarthy both speaking optimistically about reaching a compromise earlier this spring. But the White House has repeatedly accused McCarthy of stalling to produce a viable counteroffer to the president’s budget request.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

The United States reached its debt limit in January, but the U.S. is not expected to default on its loans until the summer. Failure to raise the debt ceiling could result in catastrophic consequences, economists have warned.

The U.S. has never defaulted on its obligations in the history of its fiscal showdowns.