By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > Hardline Republicans pledge to torpedo US debt ceiling deal
News

Hardline Republicans pledge to torpedo US debt ceiling deal

News Room
Last updated: 2023/05/30 at 3:06 PM
By News Room
Share
4 Min Read
SHARE

Hardline Republican lawmakers vowed to “do everything” in their power to stop a bipartisan deal to raise the US debt ceiling from being signed into law, as Kevin McCarthy rushed to whip votes in support of the agreement and avert a default.

Scott Perry, a rightwing congressman from Pennsylvania who chairs the House Freedom Caucus, on Tuesday lashed out at McCarthy, the Republican Speaker of the House, saying he had “totally fail[ed] to deliver” on his mandate to “hold the line” in negotiations with the White House.

The White House and McCarthy struck a deal at the weekend that would suspend the debt ceiling until after the next presidential election in 2024. It caps discretionary spending for two years, tightens requirements for some social programmes, cuts funding for the Internal Revenue Service and speeds up permitting for big energy and infrastructure projects.

However, Perry and other hardliners championed McCarthy’s opening gambit in the negotiations — the Limit, Save, Grow Act — that would have raised the debt ceiling until next year with steep spending cuts and a rollback of some of President Joe Biden’s biggest policies such as student loan debt forgiveness.

Standing in front of 10 fellow Republicans who joined in his attacks on the deal, Perry said: “These members and others will be absolutely opposed to the deal and we will do everything in our power to stop it, and end it now.”

Perry stopped short of calling for McCarthy to lose his job over the deal but his comments pile pressure on the Speaker as he looks ahead to a probable vote that is expected to take place in the lower chamber of Congress on Wednesday.

The compromise needs to pass both the House and the Senate if it is to become law before next week. Janet Yellen, Treasury secretary, has warned the federal government will run out of money on June 5 if the debt ceiling is not raised in time.

Republicans control the House by a razor-thin margin. With more than a dozen of the party’s members saying in public they will vote against the deal, McCarthy must rely on a critical mass of support from House Democrats to get the bill over the line.

Many of McCarthy’s former critics have applauded the lawmaker — who was elected Speaker in January despite fierce opposition from members of his own party — for his handling of the debt ceiling issue.

But members of the Freedom Caucus have threatened to invoke a “motion to vacate”, or vote of no confidence, in McCarthy if he does not answer their calls to abandon the deal.

Chip Roy, the Republican congressman from Texas, told talk radio host Glenn Beck on Tuesday that if the debt ceiling becomes law, “we’re going to have to then regroup and figure out the whole leadership arrangement again”.

Read the full article here

News Room May 30, 2023 May 30, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Trump: Even Jamie Dimon said Powell should be reducing rates.

Watch full video on YouTube

How Gen Z Is Reviving Legacy Brands

Watch full video on YouTube

AngioDynamics, Inc. (ANGO) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript

Harry Pearson Great. Hello everyone. Thank you for joining us this afternoon.…

White House sets tariffs to take 25% cut of Nvidia and AMD sales in China

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Stock Trader’s Almanac editor on year-end rally and 2026, Strategy CEO’s bitcoin investing outlook

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

News

AngioDynamics, Inc. (ANGO) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript

By News Room
News

White House sets tariffs to take 25% cut of Nvidia and AMD sales in China

By News Room
News

AI: Short Circuit? | Seeking Alpha

By News Room
News

Trump says ‘help is on its way’ for Iranian protesters

By News Room
News

Kodiak Sciences Inc. (KOD) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript

By News Room
News

Eastman Kodak (KODK): Pension Monetization Gains Countered By Lackluster Core Business

By News Room
News

The off-ramps are narrowing for Iran’s regime

By News Room
News

Energy Transfer: My Top 6 Reasons To Invest In The Partnership (NYSE:ET)

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?