Yesterday, Speaker McCarthy met with President Joe Biden, Senator Chuck Schumer, and Senator Mitch McConnell at the White House regarding responsibly raising the debt ceiling.
House Republicans remain the only ones who have passed legislation that would raise the debt ceiling and take default off the table while simultaneously addressing our nation’s debt crisis.
MAKE NO MISTAKE: For over 100 days, Joe Biden and Democrats have wasted valuable time refusing to negotiate. Default Democrats own this debt crisis, and they will own a default if they do not come to the table with a serious proposal that limits unchecked spending, saves taxpayer dollars, and grows our economy.
DEBT CEILING NEGOTIATIONS FAST FACTS:
- For over 100 days Joe Biden has refused to offer a sensible solution to avoid defaulting on our debt.
- Every House Democrat voted against raising the debt ceiling.
- House Republicans did their job, but Default Democrats are the ones failing to raise the debt ceiling and are now desperately trying to pass the buck.
- Joe Biden is leaving on Wednesday for Asia while the country is lurching toward default.
- Whether it’s the national security and humanitarian crisis at the border, an environmental disaster in East Palestine, or our country’s fiscal health, Joe Biden runs from the crises he creates.
JOE BIDEN AND HOUSE DEMOCRATS’ FAILED TAX AND SPEND POLICIES CAUSED THIS DEBT CRISIS:
- Since President Biden took office in January 2021, he and House Democrats have increased the 10-year spending trajectory by $10 trillion.
- This includes ramming through their $2 TRILLION so-called “American Rescue Plan” that ignited the highest spike in consumer prices in forty years, including:
- $400 billion for policies that reduced private sector employment such as expanding unemployment insurance benefits that too often paid Americans to stay home rather than go to work and dismantling the Child Tax Credit by removing work requirements.
- Billions lost to fraud due to Democrats’ rejection of Republican safeguards.
- Billions in inflationary waste and abuse, including:
- $783 million worth of checks to federal prisoners.
- $1,400 stimulus checks sent to potentially as many as 70,000 Japanese citizens living in Japan.
- $15 million to build a sports complex for the 2026 World Cup.
- $2.1 million for a golf course.
- $2 million for a ski slope.
- $140 million for a luxury hotel.
- $5 million to build walking trails dedicated to the history of moonshine.
- $1.2 million was spent on trash cans.
- $2 million to build a 60-acre RV campground at a safari park.
- And the list goes on…
- After passing the so-called “American Rescue Plan,” Democrats moved on, passing the so-called “Inflation Reduction Act,” which included:
- $80 billion to the IRS in order to target working families with audits.
- $400+ billion for Green New Deal initiatives.
- Biden’s Executive Actions have totaled OVER $1.5 trillionin spending, including Democrats’ student loan giveaway to the wealthy.
BIDEN’S HISTORY OF SUPPORTING DEBT CEILING NEGOTIATIONS:
- 2009: Biden led debt limit negotiations with House Blue Dog Democrats.
- 2011: Biden led debt limit negotiations with House Republicans.
- Biden expressed how “pleased and thankful” he was to begin talks.
- Biden called negotiations a “normal” process.
- Biden acknowledged you “have to have compromise” and criticized those with a “my way or the highway” approach.
- 2012: Biden said securing a deal with Republicans was a “great honor.”
- 2021: Biden hoped for “intelligent and honest conversation” with Republicans on a debt limit increase.
FAST FACTS ON THE LIMIT, SAVE, GROW ACT OF 2023:
- Saves Americans $4.8 trillion over the next 10 years, according to the CBO.
- Ends the era of reckless Washington spending
- Reclaims billions in unspent COVID funds
- Defunds Biden’s IRS army
- Repeals “Green New Deal” tax credits
- Prohibits Biden’s student loan giveaway to the wealthy
- Strengthens the workforce and reduce childhood poverty