McCarthy blames Biden for succumbing to progressive Dems in debt ceiling talks
House Speaker Kevin McCarthy on Sunday accused US President Joe Biden of succumbing to far-left progressives in the Democratic party when it comes to debt ceiling talks.
During an appearance on FOX News, McCarthy called Biden’s trip to the G-7 summit in Japan a turning point for the debt discussion after the President mentioned the ongoing debate in Hiroshima.
On Sunday, Biden said he was ‘blameless’ in the talks and accused MAGA Republicans of derailing the discussions as well as undermining his re-election campaign.
‘Now, the president, even though he was overseas, thought to change places… I don’t understand that. For 97 days he ignored me. We were in a good place. He goes overseas, and now he wants to change the debate,’ McCarthy said.
‘That’s not healthy. We still have to pass a bill before the House and the Senate, and we only have 11 days to go,’ he continued, warning of a default.
Congress must either raise or suspend the debt limit by June 1 or the US may be unable to make payments on its current debts, Treasury Secretary Janet Yellen said previously.
House Speaker Kevin McCarthy on Sunday accused US President Joe Biden of succumbing to far-left progressive ideals by entertaining the idea of raising the debt ceiling
During an appearance on FOX News, McCarthy called Biden’s trip to the G-7 summit in Japan a turning point for the debt talks as Congress runs out of time to pass a bill.
During his speech in Hiroshima, Biden blamed ‘MAGA Republicans’ for the unraveling of the debt talks.
He said they are looking to undermine and derail his 2024 re-election effort.
‘On the merits, based on what I’ve offered, I would be blameless. On the politics of it, no one would be blameless. And by the way, that’s one of the, one of the things some [people] are contemplating. Well, I gotta be careful here,’ Biden said.
‘I think there are some MAGA Republicans in the House who know the damage that it would do to the economy and because I am president, and presidents are responsible for everything, Biden would take the blame. And that’s the only way to make sure Biden’s not re-elected,’ the President continued.
That statement yielded a strong response from the Republican House Speaker who said Biden has now changed course on the discussion.
‘The president has really shifted right after the more progressive socialist wing of the party stood up and said they want to spend more money,’ McCarthy said.
‘He’s now bringing something to the table that everyone said was off the table. It seems as though he wants default more than he wants a deal. That’s not where I’m at, and the one thing you know… about me, Maria[Bartiromo]I will never give up.’ [Bartiromo}Iwillnevergiveup’
McCarthy said he still believes the issue can be resolved in a way that pleases everyone.
‘We can solve this problem and make our economy stronger,’ he continued.
‘Curve inflation and be less dependent on China and really focus on American problems with American solutions,’ the House Speaker continued.
President Joe Biden opened the door to using the 14th amendment to solve the debt crisis
That hope may be long gone, however, as some Democrats have recently urged Biden to utilize the 14th Amendment.
The 14th Amendment would allow Biden to bypass congressional negotiations so that he does not have to haggle with his Republican counterparts.
‘The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned,’ the 14th Amendment states.
The legality of this issue is still under speculation as many law experts have said they are skeptical about Biden’s ability to singlehandedly raise the debt ceiling.
Biden seemingly acknowledged that during his speech in Japan and said he would let the appeals process make the final decision.
‘We have more money coming into the coffers than at any time in history,’ McCarthy said on Sunday morning.
‘The real challenge is our spending, our spending, on average for the last 50 years has been about 21%. Well, in FY 22, after the Democrats have taken over, we’re roughly over 24% of GDP, so it’s a sheer spending problem,’ the Speaker continued.
How 14th Amendment Applies to US Debt
Many legal scholars suggest a clause in the 14th Amendment that says the ‘validity of the public debt, authorized by law … shall not be questioned’ could apply to the debt limit.
Legal experts argue that Section 4 of the 14th Amendment allows the Treasury Department to keep borrowing money past the debt limit and that it would be unconstitutional for the US to fail to make payments.
Some Democrats are urging Biden to invoke the constitutional amendment to keep the country from defaulting.