McConnell says McCarthy and Biden must solve debt limit crisis

Author: Yuvi January 25, 2023

Democratic leaders are putting the onus on congressional Republicans to put forward their solution to the debt limit crisis – after Senate Minority Leader Mitch McConnell said any deal must be hatched between the new House speaker and President Biden.

‘For Republicans, show us your plan,’ Senate Minority Leader Charles Schumer said at the White House Tuesday, after a joint leadership meeting with President Biden in the Oval Office.

He referenced the new House GOP rules package and Speaker Kevin McCarthy’s pledge to run the House through regular order after making concessions to GOP rebels.

‘Let’s see what their plan is on the debt ceiling. They want to cut Social Security? They want to cut Medicare? And they want to cut Veterans’ benefits and they want to cut police? … What’s your plan? We don’t even know if they can put one together.’

The show of unity comes as the Biden White House has been thrown off by a series of classified document disclosures.

President Joe Biden is preparing to trash GOP economy plans on Thursday. ‘Apparently they’re genuinely serious about cutting Social Security, cutting Medicare,’ he said, as he met Democratic leaders including Minority Leader Hakeem Jeffries and Vice President Kamala Harris

‘For Republicans, show us your plan,’ Senate Minority Leader Charles Schumer told reporters at the White House

He spoke after President Biden at the top of a meeting with Democratic leaders ripped ‘extreme Republican economic plans.’

‘Apparently they’re genuinely serious about cutting Social Security, cutting Medicare. And I love their 30 percent sales tax,’ Biden said. ‘We want to talk a lot about that,’ he continued, teasing a Thursday speech in Virginia.

The comments come after McConnell, who helped negotiate a solution to the last debt limit impasse in 2011, dropped the matter in McCarthy’s lap with his own comments on Tuesday.

‘You’re probably wondering what role if any the Senate would play in this. As some of you recall, I’ve been through a few of these debt ceiling situations,’ McConnell told reporters at the Capitol. 

‘I can’t imagine any kind of debt ceiling measure that could pass the Senate would also pass the House, so even though the debt ceiling could originate in either the House or the Senate. In this current situation, the debt ceiling fix, if there is one, or how it’s to be dealt with, will have to come out of the House,’ he said.

A debt ceiling fix – ‘if there is one … will have to come out of the House,’ said Senate Minority Leader Mitch McConnell

The meeting came as the Biden White House has been thrown off by a series of classified document disclosures

Jonathan Lavine, co-managing partner at Bain Capital, warned of the stakes, with Treasury Secretary Janet Yellen already warning the extraordinary measures would run their course by early this summer.

‘The debt ceiling is a real risk that will come to a point where it will terrify markets, because it is a wild game of chicken,’ he said, Reuters reported.

McConell, a longtime member of the Senate Appropriations Committee, which designates spending, got behind McCarthy’s plan to try to push for spending cuts. McCarthy agreed to link the issues amid relentless pressure from a band of GOP rebels who were withholding support for his speakership.  

‘So I think it’s entirely reasonable for the new Speaker and his team to put spending reduction on the table. I wish him well in talking to the president. That’s where a solution lies,’ McConnell said, the Hill reported. ‘At the risk of repeating myself, I can’t imagine any debt ceiling provision passed out of the Senate with 60 votes could actually pass this particular House.’

‘So I think the final solution to this particular episode lies between Speaker McCarthy and the president,’ he said.

New House Minority Leader Hakeem Jeffries, meeting Biden at the White House for the first time in his new role. He leveled attacks on the GOP and spoke only in broad strokes, with high stakes talks between opposing sides not yet even begun.

‘Republicans want to turn black the clock. We’re going to continue to fight for the people,’ he said. 

25 January, 2023, 7:06 am
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