President is unwilling to negotiate.
The House of Representatives passed a bill on Wednesday that would increase the government’s legal debt ceiling in exchange for steep spending restrictions. The increase in the debt ceiling would be capped at $1.5 trillion and be available through the end of next March, whichever comes first. It would cap federal spending at fiscal 2022 levels while limiting spending increases to one percent per year over the next decade.
Before the vote, House Minority Leader Hakeem Jeffries of New York indicated his party’s opposition to the legislation. Representative Ralph Norman of South Carolina said he “wanted double” the deficit savings the bill provides, but would vote for it “because it starts the ball, it gets us in the arena to solve the debt problem.”
The 320-page package begins what will likely begin political wrangling as it goes to a reluctant Senate and a “not-negotiable” stance by President Biden.
Senate Majority Leader Chuck Schumer said the bill passed out of the House was a “wasted effort,” while Minority Leader Mitch McConnell said, “Biden and McCarthy must come to agreement. Otherwise, we’ll be at a standoff. And we shouldn’t do that to the country.”
As the Lord Leads, Pray with Us…
- For Speaker McCarthy as he endeavors to slow federal spending as the debt ceiling is raised.
- For Leaders Schumer and McConnell as they provide input on the nation’s financial situation.
- For the president and his advisers to accept calls to negotiate with the legislative branch on the nation’s budget.
Sources: The Hill, Fox News
