Senate Plans Hearings On ‘Reckless’ House GOP Debt Ceiling Bill | Eastern North Carolina Now

    Publisher's Note:. This post appears here courtesy of the The Daily Wire. The author of this post is Daniel Chaitin.

    The Senate will hold hearings on the debt ceiling bill passed by the GOP-led House starting this week, Majority Leader Chuck Schumer (D-NY) announced on Monday.

    In a letter to colleagues, Schumer made it clear his aim is not so much to pass the bill championed by House Speaker Kevin McCarthy (R-CA) but rather to "expose the true impact of this reckless legislation on everyday Americans."

    Schumer said the Senate Budget Committee would hold a hearing Thursday on the "Default on America Act," a mocking nickname for the legislation favored by the Democrats.

    On Wednesday, House lawmakers narrowly passed the bill called the "Limit, Save, Grow Act of 2023," which would suspend the debt ceiling through March 31, 2024, or until an increase in debt of $1.5 trillion - whichever comes first - in exchange for a host of spending cuts. The Congressional Budget Office projected the proposal would slash federal deficits by $4.8 trillion over ten years.

    Treasury Secretary Janet Yellen notified Congress in January that the United States had hit the statutory limit of roughly $31.4 trillion and advised that her agency take "extraordinary measures" so the government could continue to pay its bills, but only in the short term. Experts have warned of a default this summer that could cripple the U.S. economy without a deal to raise the borrowing limit for the federal government, which the Treasury Department says Congress has acted upon 78 times since 1960.

    President Joe Biden and his fellow Democrats have insisted on a "clean" debt ceiling bill separate from any spending cuts or any policy concessions. In the run-up to the House passing a bill, Biden accused House Republicans of pushing the country to a default "unless I agree to all these wacko notions they have."

    During a press conference after the House vote, McCarthy dared Schumer to put an alternative debt ceiling plan to a vote, noting the House and Senate could go to conference if it passed, and the speaker challenged Biden to agree to talks. "Now, the president can no longer put this economy in jeopardy," McCarthy said.

    In his letter to colleagues, Schumer outlined various ways he argues the GOP plan would hurt Americans, including by clamping down on federal benefits and damaging the country's "international standing by gutting funding for critical State Department programs and cutting-edge research facilities and sending jobs overseas."

    The House GOP bill, Schumer wrote, "offers two choices: either default on the debt or default on America, forcing steep cuts to law enforcement, veterans, families, teachers, and kids. Democrats will not allow it."

poll#176

Considering the renewed and unequalled dishonesty in elected politicians, at all levels of governing, and their associative nefarious bureaucrats doing their corrupt bidding: What is your opinion of YOUR government, and what do you intend to do about it?

  Today's overall government is just fine, and I will continue to vote for politicians that make promises to suit my individual needs.

  Today's overall government is poor, but I will continue to endeavor to learn what is true from the the most honest of media, and pick those representatives that best represent what is good and decent.

  I spend quite a bit of time on Eastern NC NOW; so ... I am having a far easier time separating the proverbial "wheat from the chaff" in finding honorable citizens to support.

151 total vote(s)     What's your Opinion?