McCarthy says House will take up bill to raise debt ceiling with spending cuts
CBSNov 25, 2022
US Debt Ceiling: McCarthy Calls for 1% Federal Spending Cap
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Image copyright: AP [via Al Jazeera]
The Facts
On Monday, US House Speaker Kevin McCarthy (R-Calif.) pledged to pass legislation to raise the nation's debt ceiling on the condition that future federal spending be capped at 1%.
McCarthy said in a speech at the New York Stock Exchange that House Republicans would vote on a measure to lift the debt ceiling into the next year in exchange for freezing spending at last year’s levels and other concessions.
The Spin
Republican narrative
While Republicans are sympathetic to Americans’ financial struggles, Biden continues to hide from the issue and refuse to negotiate. It’s time for the president to lead by coming to the table with McCarthy and for Democrats to acknowledge their reckless spending got the US into this predicament and must be reined in. Tying the debt ceiling to spending levels is the only way to make the country fiscally responsible.
Democratic narrative
Republicans are holding the US economy hostage in an attempt to get their way. In his speech, Speaker McCarthy presented an extreme wish list that increases costs for hard-working families, taking food stamps and health care away from millions of Americans without actually reducing the deficit. This is dangerous and is what will ultimately lead to a default.
Cynical narrative
This government paralysis is just one of the many symptoms of a nation plagued by partisan games, with leaders more concerned with tearing each other down than building the country up. As both sides refuse to compromise, the US is creeping closer to the edge of an economic crisis — something must be done to end this deadlock.
