(StraightNews.org) — President Biden will veto the Republican bill aimed at reaching a settlement on the debt ceiling. The President continues to insist that he will not concede to Republican demands and will veto the legislation should it reach his desk. The legislation is unlikely to pass through the Democrat-controlled Senate.
The Biden administration wants to increase the government’s debt ceiling – the amount it is allowed to borrow. But, to do this, it needs the support of Republicans in Congress, who will only give their support if the White House agrees to a series of spending cuts.
House Speaker Kevin McCarthy introduced the Limit, Save, Grow Act of 2023 and said it represents a responsible approach to resolving the standoff. The bill will extend the debt ceiling by $1.5 trillion. It is currently $31.5 trillion. The government hit that limit in January. If the impasse is not resolved, America could default and send the nation into recession.
McCarthy’s plans include blocking President Biden’s proposals for student debt loan forgiveness. This would give $20,000 loan repayment relief to low and middle-income graduates. The bill would also rescind the $80 billion set aside for the IRS, repeal green energy tax credits, and introduce changes to welfare entitlements.
Restrictions and requirements will be placed on eligibility for food stamps and Medicaid. Under the new proposals, able-bodied people aged 18 to 55 will only be entitled to food stamps for three months unless they work at least 20 hours per week. Medicaid recipients aged 19 to 55 must work or carry out services in their community for 80 hours per month. This will not apply to pregnant women, parents of young children, people enrolled in education, or those who are physically or mentally unfit to work or undertaking substance abuse programs.
The White House responded to Speaker McCarthy’s plans stating, “House Republicans must take default off the table and address the debt limit without demands and conditions.”
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