Debt Ceiling Battle Escalates

Kevin McCarthy

( – The political conflict between Republicans and Democrats on raising the debt ceiling has turned into a war of words between GOP House Speaker Kevin McCarthy and President Joe Biden’s White House.

The federal government reached its borrowing limit of $31.4 trillion at the end of January. Unless Congress raises the ceiling, the US risks defaulting on its debts sometime in the summer.

Democrats, who control the White House and the US Senate, have insisted that the ceiling be increased without limitations. The Republicans, who dominate the House of Representatives, demand spending cuts to slash deficits and improve fiscal stability.

House Speaker McCarthy (R-CA) has now scolded the president for demanding that the GOP go along with the Democrats and raise the borrowing limit without any conditions.

“Mr. President, with all due respect, enough is enough,” McCarthy told the New York Stock Exchange on Monday, as cited by Newsmax.

“This is not how the leader of the free world should act. Your partisan political games are provoking the very crisis you claim you want to avoid: greater dependency on China, increasing inflation, and threatening Medicare and Social Security,” the House Speaker elaborated.

“Let me be clear: A no-strings-attached debt limit increase will not pass. But since the president continues to hide, House Republicans will take action,” McCarthy concluded.

Earlier on Monday, the White House had published a statement accusing McCarthy of “brinkmanship or hostage-taking” on the Biden administration, and Democrat demands that the ceiling be raised without cutting any of the left’s big spending initiatives.

“There is one responsible solution to the debt limit: addressing it promptly, without brinksmanship or hostage taking — as Republicans did three times in the last administration and as Presidents Trump and Reagan argued for in office,” White House deputy press secretary Andrew Bates said on Monday morning.

“Speaker McCarthy is holding the full faith and credit of the United States hostage, threatening our economy and hardworking Americans’ retirement,” Bates added.

Biden’s White House tweeted the same message after McCarthy’s speech at the New York Stock Exchange, which also attacked pro-Trump Republicans.

“As President Biden continues to fight against inflation, MAGA Republicans in Congress are trying to take our economy hostage unless we gut programs that lower costs for hard-working Americans,” the White House’s tweet stated.

Congressional Democrats also joined the war of words, reiterating the stance of the Biden administration.

“Speaker McCarthy insists on cuts. Well, there’s a time to discuss what kind of cuts folks are looking for or taxes they want to raise. It’s called the budget. It shouldn’t be part of this conversation,” commented Senate Majority Leader Chuck Schumer (D-NY).

“One thing is clear from this morning’s theater at the New York Stock Exchange: Democrats want to avoid defaulting on our country’s debt. Meanwhile, Speaker McCarthy continues to bumble our country toward a catastrophic default, which would cause the economy to crash, cause monumental job loss, and drastically raise costs for the American people,” Schumer elaborated.

What is your opinion about raising the debt ceiling? Are you concerned about the size of the national debt? Share your view by emailing [email protected]. Thank you.