GOP Disappointed with Debt Ceiling Deal

Many Republicans are expressing their disappointment over some of the components inside the tentative debt ceiling agreement between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.).

“I listened to Speaker McCarthy earlier tonight outline the deal with President Biden and I am appalled by the debt ceiling surrender,” tweeted Rep. Ken Buck (R-Co.). “The bottom line is that the U.S. will have $35 trillion of debt in January 2025. That is completely unacceptable.”

Other Republicans in Washington were not as quick to dismiss the efforts to come to an agreement with the White House.

Impressive Wins and Serious Concerns

“Look forward to text. Nice to see the 72 hour rule being applied,” tweeted Rep. Warren Davidson (R-Ohio).

While McCarthy told reporters that he would not share specifics of the bill-in-writing during the press conference, the Speaker of the House offered some hints about what the GOP leadership achieved during the weeks-long discussions.

“After weeks of negotiations, we have come to an agreement in principle. We still have a lot of work to do, but I believe this is an agreement in principle that is worthy of the American people,” McCarthy said. “It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, [and] rein in government overreach. There are no new taxes, no new government programs.”

Details of the Deal

Soon after the press conference, a one-page outline of the deal—the Fiscal Responsibility Act—circulated online. The document revealed a two-year spending deal and two years of debt limits that also includes limiting topline federal spending to 1 percent annual growth for the next six years. It does not consist of adjustments to Medicaid or student loans. An additional provision in the agreement claws back $400 million from the Centers for Disease Control and Prevention’s (CDC) Global Health Fund and $1.5 billion from its “Vaccine Distribution and Monitoring Program.”

Finalizing the Agreement

Over the next day, Republican and Democratic negotiating teams will finalize legislative text and the bill will go to the House and Senate next week. Biden urged both chambers to pass the agreement immediately.

Despite some Republicans expressing disappointment, the tentative debt ceiling agreement between President Biden and House Speaker McCarthy has the potential to make historic reductions in spending and consequential reforms that will benefit the American people.