We reminded McCarthy that he didn’t pitch these debt limit battles during the Trump era, during which the GOP ran up $7 trillion in new debt in only four years, including pandemic relief funding. We’re not just going to keep lifting your credit card limit, right? And we should seriously sit together and where can we eliminate some waste? Where can we make the economy grow stronger?” And if people want to make a debt ceiling, just like anything else, there comes a point in time where, okay, we’ll provide you more money, but you got to change your current behavior. “You can’t just continue down the path to keep spending and adding to the debt. government’s credit rating was downgraded for the first time ever following that 2011 debacle, but GOP lawmakers apparently are ready to try again in order to force “structural changes” to popular entitlement programs including Social Security and Medicare.
McCarthy signaled that Republicans would again hold the debt limit up for policy changes.Īs we all remember, the debt limit was one of the bruising battles of the Obama presidency under then Speaker John Boehner. Punchbowl: McCarthy On Debt Limit, Immigration And Ukraine House Republicans now say one of their “top priorities” for a ransom in any future debt limit standoff would be demands for cuts to Social Security and Medicare:
Don Beyer (D-VA) published a report last year titled: “Breaching the Debt Ceiling Could Harm Millions of Americans and Produce Economic Devastation.”ĭebt limit fights were a hallmark of Republican congressional majorities during the Obama presidency, at the time Senate Republican Leader Mitch McConnell likened the tactic to hostage-taking. Congress’ Joint Economic Committee, chaired by Rep. The Bipartisan Policy Center projects that the debt limit will need to be raised in the third quarter of 2023. New reporting and interviews with Republican leaders have clarified House Republicans’ intent to use threats to block an increase to the debt limit – which could lead to a default and a major economic crisis – subject to demands for policy concessions.
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