House Republicans, led by Speaker Kevin McCarthy, are sticking to their pledge to slash spending before raising the federal debt ceiling.
Treasury Secretary Janet Yellen cautioned Congress not to prevent lifting the federal debt ceiling in a letter to McCarthy on Friday, arguing that raising the debt limit “doesn’t authorize new spending or cost taxpayers money.”
The Chair of the House Oversight Committee, James Comer of Kentucky, declared on CNN’s State of the Union, “We are hoping that the Senate, Dems and Republicans will agree on budget cutbacks. This has to come to an end.”
“We can’t continue to operate with such deficits,” he added. “Our country’s debt is one of the most serious dangers to our national security. China retains leverage over us due to the fundamental financial strength of their total economy against ours in terms of national debt.”
“In the midterm elections, Republicans were elected by the American people with a mandate,” Comer proclaimed. “We ran on the promise of being serious about budget reduction. As a result, the Senate will have to acknowledge that we will not budge until we see significant budget reform.”
“The debt ceiling will without a doubt going be a knife war,” Texas GOP Representative Tony Gonzales said on “Fox News Sunday.”
House Speaker Kevin McCarthy stated last week, “We do not want to put any budgetary difficulties through our economy. But fiscal difficulties would be continuing to operate business as normal. When Nancy Pelosi was House Speaker and Trump was President, there was a debt limit deal, and it was a two-year cap agreement to control expenditure and make those choices.”
“This is something that individuals have done,” he explained. “But I ask everyone of you and every American if you have a kid and you give them access to a credit card and they max the card out, then you extend the limit time after time, where does it end? We need to reform the way we squander money in this nation, and we’re going to ensure that happens.”
“To secure a debt ceiling, they also got a spending cap for the next couple of years,” McCarthy said. “Here, spending has gotten out of control. There has been no oversight at all, and we can’t continue in this manner.”
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