US House Speaker Kevin McCarthy has stated that President Joe Biden is deciding to put the economy in jeopardy. Moreover, McCarthy has assured his willingness to come to a joint decision regarding the nation’s ongoing debt crisis and potential default.
The ongoing debate followed the nation exceeding its debt limit earlier this year. Now, McCarthy is calling for the president to discuss “out-of-control government spending,” which led the country’s debt ceiling to require another increase.
House Speaker Calls on President Over National Debt
Earlier this year, the United States exceeded its debt limit of $31.4 trillion. Subsequently, the fourth month of the year is fastly approaching with a government no closer to arriving at a solution. Moreover, a potential debt default for the US would have catastrophic consequences.
Now, US House Speaker Kevin McCarthy has said that President Biden is willfully deciding to put the economy in jeopardy. Specifically, he has noted that the refusal for him to meet and discuss potential budget cuts has led the country near that vital debt default.
In a letter addressed to the President, McCarthy called out Biden for his lack of effort in addressing the approaching deadline. Moreover, McCarthy stated the President was “putting an already fragile economy in jeopardy,” by consistently, “refusing to negotiate any meaningful changes to out-of-control government spending alongside an increase of the debt limit.”
Currently, a debt limit increase is a necessity, as the US Treasury has identified the summer months as a required deadline for spending. Yet, McCarthy, and other Republican representatives, have been clear in the necessity or a new budget before any debt limit agreement can be reached. Conclusively, only time will tell where those negotiations go and what agreements can be reached.