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U.S. House Speaker Kevin McCarthy reportedly said on Thursday Republicans could act on their own to tackle the federal government’s debt ceiling issue, in the wake of President Joe Biden’s refusal to negotiate a deal on spending.
What Happened: McCarthy said Republicans are close to deciding on a package that could pass the House of Representatives without the participation of the president or the Democrats in Congress, according to a Reuters report.
“If the President doesn’t act, we will,” McCarthy told reporters at a news conference.
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If the debt ceiling isn’t raised or temporarily suspended, it could lead to a government default, which would then impact the world economy and financial markets. Congress possesses the authority to raise the debt ceiling without conditions. Non-partisan congressional researchers predict lawmakers have until sometime between early June and September to tackle the issue and avoid a default, the report said..
“We have been reasonable, responsible, asked to sit down with the president for months. He has made the decision that he wants to put the economy in jeopardy. I don’t know what more I can do,” McCarthy said.
The House Speaker did not detail how a Republican-only proposal would look like, according to the report.
Options: In recent weeks, Republicans have put forward a variety of options to be considered in exchange for a vote to raise the debt ceiling. They include forcing sharp reductions in spending, imposing new work requirements on social programs for the poor among others, the Reuters report said.
White House Press Secretary Karine Jean-Pierre said in a briefing, “We should not be negotiating on the debt ceiling. We should just not be doing that. The President has been clear.”
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Image and article originally from www.benzinga.com. Read the original article here.