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:
In the negotiations, Republicans fought for and achieved the most consequential work requirements in a generation.
This is a win for taxpayers → we are no longer going to borrow money from China to pay a work-capable adult without any dependents to sit at home on their couch. pic.twitter.com/9Qyw0UKTQa
— Kevin McCarthy (@SpeakerMcCarthy) May 28, 2023
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?
With virtually none of the key fiscally responsible policies passed in the Limit, Save, Grow Act kept intact?
Hard pass. Hold the line.
— Rep. Andrew Clyde (@Rep_Clyde) May 27, 2023
“Hold the line… No swamp deals,” tweeted Rep. Chip Roy (R-TX)
Hold the line.
No swamp deals. #ShrinkWashingtonGrowAmerica pic.twitter.com/VPBPeq5z0i
— Rep. Chip Roy Press Office (@RepChipRoy) May 27, 2023
“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?”
A $4 TRILLION debt ceiling increase?!
That’s what the Speaker’s negotiators are going to bring back to us?
Moving the issue of unsustainable debt beyond the presidential election, even though 60% of Americans are with the GOP on it?
That must be a false rumor.
— Rep. Dan Bishop (@RepDanBishop) May 27, 2023
Rep. Keith Self tweeted a letter from 34 fellow House GOP members who are committing to “#HoldTheLine for America” against the deal.
I’m proud to stand with 34 of my House GOP Members as we #HoldTheLine for America! 🇺🇸 pic.twitter.com/yftLnm90vG
— Rep. Keith Self (@RepKeithSelf) May 25, 2023
“Nothing like partying like it’s 1996. Good grief,” tweeted Russ Vought, President of the Center for Renewing America and former Trump OMB director.
Nothing like partying like it’s 1996. Good grief. https://t.co/7QuzHx07Kk
— Russ Vought (@russvought) May 27, 2023
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:
Tyler Durden
Sun, 05/28/2023 – 11:30
