https://www.zerohedge.com/markets/hard-pass-heres-whats-debt-ceiling-deal-republicans-are-about-nuke
After President Biden and House Speaker Kevin McCarthy (R-CA) struck a Saturday night deal to raise the debt ceiling, several Republicans outright rejected it before it could even be codified into a bill.
Here’s what’s in it;
- The deal raises the debt ceiling by roughly $4 trillion for two years, and is consistent with the structure of budget deals struck in 2015, 2018 and 2019 which simultaneously raised the debt limit.
- According to a GOP one-pager on the deal, it includes a rollback of non-defense discretionary spending to FY2022 levels, while capping topline federal spending to 1% annual growth for six years.
- After 2025 there are no budget caps, only “non-enforceable appropriations targets.”
- Defense spending would be in-line with what Biden requested in his 2024 budget proposal – roughly $900 billion.
- The deal fully funds medical care for veterans, including the Toxic Exposure Fund through the bipartisan PACT Act.
- The agreement increases the age for which food stamp recipients must seek work to be eligible, from 49 to 54, but also includes reforms to expand who is eligible.
- Claws back “tens of billions” in unspent COVID-19 funds
- Cuts IRS funding ‘without nixing the full $80 billion’ approved last year. According to the GOP, the deal will “nix the total FY23 staffing funding request for new IRS agents.”
- The deal includes energy permitting reform demanded by Republicans and Sen. Joe Manchin (D-WV)
- No new taxes, according to McCarthy.
Here’s McCarthy acting like it’s not DOA:
Yet, Republicans who demanded deep cuts aren’t having it.
“A $4 trillion debt ceiling increase?” tweeted Rep. Andrew Clyde (R-GA). “With virtually none of the key fiscally responsible policies passed in the Limit, Save, Grow Act kept intact?”
“Hard pass. Hold the line.“
“A $4 TRILLION debt ceiling increase?! That’s what the Speaker’s negotiators are going to bring back to us?” tweeted Rep. Dan Bishop (R-NC). “Moving the issue of unsustainable debt beyond the presidential election, even though 60% of Americans are with the GOP on it?”
Rep. Keith Self tweeted a letter from 34 fellow House GOP members who are committing to “#HoldTheLine for America” against the deal.
The deal adds $4 trillion to the debt, hands away all leverage to the Biden admin for rest of his term, in exchange for freezing/then growing the current woke & weaponized regime, with only 2 yrs of caps designed to fail. Conservatives should fight it with all their might.— Russ Vought (@russvought) May 28, 2023
In short:
The One World Digital Currency is commencing..
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