(TheRedWire.com) – House Speaker Kevin McCarthy, R-Calif., took to Twitter on Monday morning to say that President Joe Biden was looking to increase spending to higher levels than those during the COVID-19 pandemic. He then proceeded to state that American taxpayers were not in a position to continue “borrowing money from China.”
The tweet also included a clip from one of McCarthy’s television appearances in which he argued that the spend-and-borrow plans included in the Biden budget were just going to lead to higher inflation.
The tweets came from McCarthy ahead of his scheduled meetings with Biden in the Oval Office to discuss options for raising the debt ceiling. In order for the $31.4 trillion debt limit to be increased then both chambers of Congress will need to pass the deal before it can be sent to Biden’s office for signing.
The U.S. Treasury has already warned that the U.S. is likely going to be unable to pay all of its bills as early as June 1. However Rep. David Schweikert, R-Ariz., told Newsmax that this is a moving target that could be changed following the June 15 quarterly tax receipts.
If the two sides fail to agree to a debt ceiling increase then it is possible that the world financial markets could be affected with interest rates being driven even higher on everything including car payments and credit cards.
Currently, the Republicans control the House 222-213, while the Democrats have the majority in the Senate 51-49. This means that a bipartisan deal is necessary if they want to increase the debt ceiling.
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