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Politics Kevin McCarthy Tweet on Avoiding U.S. Default Resurfaces as GOP Plays Debt-Ceiling Hardball

01:45  28 september  2021
01:45  28 september  2021 Source:   newsweek.com

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A 2015 tweet about voting to avoid the threat of a debt default written by House Minority Leader Kevin McCarthy resurfaced as Republicans are currently working to block raising the debt ceiling.

U.S. House Minority Leader Rep. Kevin McCarthy (R-CA) speaks during his weekly news conference June 25, 2020 on Capitol Hill in Washington, DC. While McCarthy and other Republicans have said they'll block Democrat attempts at raising the debt ceiling, a 2015 tweet from McCarthy related to the matter has resurfaced. © Alex Wong/Getty U.S. House Minority Leader Rep. Kevin McCarthy (R-CA) speaks during his weekly news conference June 25, 2020 on Capitol Hill in Washington, DC. While McCarthy and other Republicans have said they'll block Democrat attempts at raising the debt ceiling, a 2015 tweet from McCarthy related to the matter has resurfaced.

Assistant Speaker of the House Katherine Clark posted a screenshot of McCarthy's October 21 tweet, which said, "When the United States makes promises, it keeps them, which is why the House voted today to avoid the threat of a debt default." She captioned the photo with, "There's always a tweet."

Five questions and answers about the debt ceiling fight

  Five questions and answers about the debt ceiling fight Democrats and Republicans are locked in a high-stakes battle over the federal debt ceiling, with the U.S on track to default as soon as next month.GOP senators say they won't take any action to keep the U.S. solvent, insisting that Democrats must do so on their own. But President Biden and congressional Democrats are dialing up the pressure, hoping they'll blink and help the U.S. pay off debts the country has accumulated over the years under both Democratic and Republican administrations. Here are the five big questions defining the fight over the country's fiscal future.

While President Joe Biden and Democrats want to raise the debt ceiling, the legal limit on how much outstanding debt the federal government can hold, McCarthy and Republicans in Congress have promised to block their attempts.

The GOP voted to extend the borrowing limit three times under President Donald Trump with support from Democrats, according to The Washington Post.

If both parties are unable to reach an agreement and nothing happens, the debt ceiling will be breached and the government will be unable to pay its debts. Without an extension, economists believe that the US would likely enter a recession and the consequences could be felt worldwide—which is why McCarthy was glad to avoid a default in 2015.

Opinion | How the Debt Ceiling Turned into a Doomsday Cult

  Opinion | How the Debt Ceiling Turned into a Doomsday Cult The end never actually comes but we love to obsess about it anyway.The United States is careening toward an urgent financial crisis starting in less than two weeks, as a political standoff on Capitol Hill threatens to shutter the government during a pandemic, delay hurricane aid to millions of Americans and thrust Washington to the precipice of defaulting on its debt.

On Tuesday, the House voted to again suspend the debt ceiling through 2022, voting 220-211, with no Republican support.

McCarthy has criticized Democrats for increasing the borrowing cap and argued during a press briefing on Thursday that, "every amount of money spent in the Trump administration was accounted for."

He later appeared on Fox News and claimed the August 2019 debt ceiling suspension "paid for everything" in the Trump administration and seven months of Biden's.

However, fact-checkers have said the claim is flawed because it doesn't account for the total cost of ongoing policies.

"Yes, Republicans did vote to suspend the debt limit to authorize the Treasury Department to pay the nation's bills into the first year of the Biden administration (and had previously done so twice before during the Trump administration in December 2017 and March 2019)," Rachel Snyderman, associate director of economic policy at the Bipartisan Policy Center wrote in an email. "However, the fiscal impacts of policies enacted during one administration do not end when the next president is sworn in, and increasing the debt limit allows the government to pay bills incurred as a result of both past Republican and Democratic policies."

Congress’s hectic legislative schedule, briefly explained

  Congress’s hectic legislative schedule, briefly explained Another government shutdown is looming, and the stakes are even higher than usual.That timeline means the next week could be make-or-break for Biden’s legislative agenda, but all three bills face a complicated road ahead in Congress.

House Speaker Nancy Pelosi called out McCarthy for the statements in a press release stating, "Much like the national debt under President Trump, Minority Leader Kevin McCarthy's nose just won't stop growing."

Her office added that Democrats "put country over party" to help Trump and the Republican-controlled Congress raise the debt ceiling, but now that Biden is in the White House the GOP wants to "dine and dash."

According to CNN, US debt increased by a total of $7 trillion under Trump and now stands at about $28.5 trillion. The number is expected to increase under Biden.

The debt ceiling is expected to be breached between mid-October and mid-November if it's not increased.

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‘In the danger zone’: Breaking down the debt ceiling standoff and what’s at stake .
A partisan standoff in Congress over raising the U.S. government’s debt ceiling threatens the federal government’s credit rating and the global economy. © Provided by Washington Examiner Republicans want big-spending Democrats to act to raise the limit themselves, while Democrats accuse Republicans of playing political games and say that the debt ceiling should not be a partisan issue.

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