McCarthy calls Biden 'irresponsible' for refusal to put state debt cap
3 Min Read
Biden is expected to hold a meeting with McCarthy per the White House, as part of a campaign to persuade the Republican-majority House to go against their word and allow additional spending.
-
House Speaker Kevin McCarthy at a legislative session on January 4, 2023 (AP)
In an attempt to discuss putting a ceiling on state debt, US House Speaker Kevin McCarthy was shut down on Wednesday by President Joe Biden, who refused to participate in discussions. McCarthy called Biden "irresponsible" and warned that this would lead to magnified financial risks.
Biden is expected to hold a meeting with McCarthy per the White House as part of a campaign to persuade the Republican-majority lower chamber of Congress to go against their word and allow additional spending.
President Biden: I accept your invitation to sit down and discuss a responsible debt ceiling increase to address irresponsible government spending.
— Kevin McCarthy (@SpeakerMcCarthy) January 20, 2023
I look forward to our meeting.
During a briefing broadcast by C-SPAN, McCarthy stated: "For the president — he said he would not even negotiate — that is irresponsible. We are going to be responsible, we are going to be sensible, and we are going to get this done together. So, the longer he waits, the more he puts the fiscal jeopardy over America … We should sit down and get this done and stop playing politics,"
This comes after a surprising turn of events, when House Appropriations Committee (HAC) Ranking Member Rosa DeLauro said earlier this month that McCarthy's deal to win the speakership includes capping 2024 government spending at 2022 levels, which could potentially mean a $75 billion cut in defense spending.
'Not how adults act'
With the US debt amount exceeding $31 trillion, which amounts to 120% of the gross domestic product (GDP), McCarthy admitted that he did not oppose the possibility of increasing state spending, but on one condition: to back a more "responsible" debt ceiling, as he called the excessive debt "the greatest threat to America".
"But here is the leader of the free world, pounding on a table, being irresponsible and saying, 'No, no, no, just raise the limit, make us spend more!' No, that is not how adults act. That is not how elected officials … act," McCarthy expressed.
Read more: Speaker McCarthy's deal to limit Ukraine aid got him the vote: Reports
The Treasury Department announced last Thursday that it has begun taking extraordinary measures to avoid a government debt default by temporarily suspending payments that are not immediately required for essential programs or to keep the government running.
Treasury Secretary Janet Yellen warned that the US national debt is approximately $31.46 trillion, according to Treasury Department data. She further advised that if Congress does not address the debt limit soon, the United States risks triggering a recession or a global financial crisis. If Congress fails to raise the limit, the US will automatically default on its payments, obstructing basic US government functions.
