The House GOP has claimed to have raised the debt limit and reduced expenditures simultaneously. Biden recently unveiled a budget proposal worth $6.9 trillion, which could increase the national debt to $51 trillion over the coming decade. The federal government surpassed its debt limit of roughly $31 trillion in January, preventing it from borrowing funds for programs like Social Security and Medicare.
In December 2021, Congress last approved an increase in the debt ceiling. Treasury Secretary Janet Yellen stated in January that the federal borrowing limit must be increased by June this year to avoid a default on America's national debt.
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"Without exaggeration, American debt is a ticking time bomb that will detonate unless we take serious, responsible action," commented McCarthy on Monday. "Yet how has President Biden reacted to this issue? He has done nothing." McCarthy announced that the House would vote on a bill in the ensuing weeks to increase the debt ceiling until the end of the upcoming year, saving taxpayers trillions of dollars, decreasing our dependence on China, and preempting our high inflation rates while leaving Social Security and Medicare untouched.
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However, Rep. Matt Gaetz asserted on the War Room that McCarthy lacked the necessary votes to increase the debt ceiling. "There are not 218 votes to raise the debt limit," he said. During budget discussions, Rep. Marjorie Taylor Greene also questioned why the U.S. spends so much on foreign countries.
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