Joe Biden vs. Kevin McCarthy, debt ceiling fight edition

While Joe Biden semi-consciously staggers towards raising the debt ceiling, Kevin McCarthy has put together a plan that makes a ton of sense. The theme of Speaker McCarthy's plan is limit, save and grow. Biden and Sen. Chuck Schumer have already criticized Speaker McCarthy's plan. White House Spokesman Andrew Bates said "Speaker McCarthy is holding the full faith and credit of the United States hostage, threatening our economy and hardworking Americans' retirement."

I could be polite and say that Bates' statement isn't accurate but that's soft-pedalling reality. Bates' statement is a filthy lie. McCarthy promised to raise the debt ceiling. In fact, he's consistently said that since becoming Speaker. The Biden administration has insisted that the House and Senate pass a clean debt limit bill. Otherwise, Biden will veto it. (That sounds rather autocratic, doesn't it?)

Meanwhile, "Schumer said Mr. McCarthy 'continues to bumble our country towards a catastrophic default.'" Apparently, it's impossible for Democrats to tell the truth. The administration and Schumer are peddling fear rather than pitching a viable idea. Meanwhile, Speaker McCarthy has put forward a plan:

President Biden and Democrats in Congress ladled $6 trillion more onto the national debt in a mere two years on everything from electric car subsidies to an IRS blowout. America will spend $10.5 trillion in the next decade on interest payments alone, Mr. McCarthy noted.

Amid this grim scene, Mr. McCarthy has a fair opening offer for President Biden. One: “Defaulting on our debt is not an option.” Two: House Republicans won’t pass an increase in the federal debt without reforms or spending restraint. "A no-strings-attached debt limit increase cannot pass," he said, in a red line amid all the red ink.

The Speaker’s requests are hardly radical. Republicans want to return the federal government to the spending levels of the bad old days in ... fiscal 2022. They then want to cap the growth of spending at 1% annually over 10 years for domestic discretionary accounts. These are reasonable limits after the spending sprees of recent years.

At every opportunity in this QandA, Speaker McCarthy explained why the GOP plan is the right elixir for solving inflation and strengthening the U.S. economy going into the future:

Speaker McCarthy's blueprint is the right starting point in negotiating the debt ceiling bill. Ideally, the debt ceiling bill should a) keep intact the full faith and credit of the United States, b) chart an inflation-free path going forward and c) strengthen the U.S. on the international stage. The GOP's blueprint accomplishes all 3 things. The Biden 'plan' is like a rich teenager who's maxed out his credit cards, then runs to daddy and says 'I need more money.'

Metaphorically speaking, Speaker McCarthy's blueprint is the adult in the room. Joe Biden's demand for a clean debt limit bill is the drunken frat boy's blueprint.

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