(Luis Cornelio, Headline USA) President Joe Biden will meet with House Speaker Kevin McCarty on May 9 to speak about the debt ceiling but he has made clear that he will not negotiate lowering the nation’s debt weeks before the federal government runs out of cash to pay its bill.
The May 9 meeting was initiated by the Biden White House and all four congressional leaders, the Speaker of the House, Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell, are expected to attend.
“He is not going to negotiate on the debt ceiling,” White House press secretary Karine Jean-Pierre said, adding the president “is willing to have a separate conversation about their spending, what they want to do with the budget.”
Biden had previously claimed he would not allow Republicans to use the debt ceiling as a “bargaining chip,” calling on GOP lawmakers to increase the ceiling and then negotiate about spending. This has been the president’s position since last year.
WH Press Sec. Karine Jean-Pierre says President Biden requested a meeting with congressional leaders next week to reassert that “he is not going to negotiate on the debt ceiling”:
“That is not going to change … He’s willing to have a separate conversation about their spending.” pic.twitter.com/lFWlEMICo9
— The Recount (@therecount) May 2, 2023
The White House’s unwillingness to negotiate the debt ceiling comes a day after Treasury Secretary Janet Yellen warned Congress that the federal government could run out of money to pay its own spending on June 1, 2023.
“Given the current projections, it is imperative that Congress act as soon as possible to increase or suspend the debt limit in a way that provides longer-term certainty that the government will continue to make its payments,” the Treasury secretary warned in a letter to Speaker McCarthy on May 1.
Economists warned that if the federal government fails to increase the debt ceiling financial chaos could ensue, a point echoed by Yellen’s letter.
“If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” she continued.
The Republican-led House of Representatives narrowly approved Thursday a spending plan to raise the debt ceiling by approximately $1.5 trillion during the next fiscal year and limit its increase to only 1 percent in the subsequent years.
The McCarthy plan was rejected by all Democrat members of Congress and four fiscally conservative Republicans, who claimed the proposal did not go far enough in spending cuts. Majority Leader Schumer rejected the proposal calling it “dead on arrival.”
Biden and McCarthy have not met to discuss the debt ceiling since February.
Several Republican lawmakers slammed Biden’s reckless spending and unwillingness to negotiate.
“The president has got to step up to the plate and do what 65 percent of Americans want him to do: use the debt limit debate to meaningfully address reckless spending,” said Sen. John Thune, R-S.D., via Twitter.
Thune’s concerns were echoed by Sen. Bill Hagerty, R-Tenn., who called on Democrats to address spending.
“Democrats need to come to the table to address this out-of-control spending now–the markets won’t wait,” he said via Twitter. “We need urgency; let’s roll up our sleeves, get our colleagues together, & address the debt ceiling negotiations now.”
Democrats need to come to the table to address this out-of-control spending now–the markets won't wait. We need urgency; let's roll up our sleeves, get our colleagues together, & address the debt ceiling negotiations now. pic.twitter.com/YVd248hnkq
— Senator Bill Hagerty (@SenatorHagerty) May 2, 2023
“The US is $31 trillion in debt,” Sen. James Lankford, R-Okla., also said on Twitter. “We should prioritize projects that communities need—not wasteful grants like Shakespearean virtual reality or Colonial Mexican Soundscapes.”
The US is $31 trillion in debt.
We should prioritize projects that communities need—not wasteful grants like Shakespearean virtual reality or Colonial Mexican Soundscapes. pic.twitter.com/8emKsNo5QN— Sen. James Lankford (@SenatorLankford) May 2, 2023
House Republicans were similarly vocal in their criticism of wasteful spending.
Rep. Marjorie Taylor Greeene, R-Ga., slammed Biden over demands to increase to debt ceiling.
“Perfect example of things we have to cut in our budget and appropriations,” Greene said in reference to a whopping $500,000 tax-paid program for Pakistani teachers. “Joe wants to spend money like this while we are in debt at $31 Trillion and he runs his mouth demanding Congress give him a clean debt ceiling raise while the media cries ‘oh no, we are going to default!'”
Perfect example of things we have to cut in our budget and appropriations.
Joe wants to spend money like this while we are in debt at $31 Trillion and he runs his mouth demanding Congress give him a clean debt ceiling raise while the media cries “oh no, we are going to default!” https://t.co/OhKkkVhtV2
— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) May 2, 2023
