UPDATE: Here are the details from Speaker McCarthy. President Biden hasn't issued a response about whether the terms are acceptable to Democrats.
President Biden’s reckless spending created record inflation, made us more dependent on China, and undermined Social Security and Medicare. Since he's been in hiding, House Republicans will take action by passing a responsible debt limit increase. https://t.co/YS11O6kqtK
— Kevin McCarthy (@SpeakerMcCarthy) April 19, 2023
***Original post***
Republicans on Capitol Hill, led by House Speaker Kevin McCarthy, have reportedly agreed to a $1.5 trillion debt ceiling increase as President Joe Biden continues his refusal to negotiate on the issue.
For 77 days, President Biden has ignored the impending debt ceiling crisis.
— Kevin McCarthy (@SpeakerMcCarthy) April 19, 2023
Instead of leaving town today to give a speech, Biden should sit down with me, find agreement, and avoid the prospect of his administration bumbling into the first default in our nation’s history.
Fox confirms House GOPers to post debt ceiling bill today. Would raise the debt ceiling by $1.5 trillion through March 31, 2024. Text of bill to be released later today. Prospective vote as early as next week.
— Chad Pergram (@ChadPergram) April 19, 2023
For months McCarthy has called on Biden to come to the negotiating table on the debt ceiling and spending cuts. Biden indicated publicly at the National Prayer Breakfast he was willing to negotiate in good faith. That has changed as Biden refuses to entertain anything but a limit increase without pre-conditions.
"Let’s start treating each other with respect. That’s what Kevin and I are going to do,” Biden said at the annual National Prayer Breakfast on Capitol Hill in February. "We had a good meeting yesterday. I think we got to do it across the board. It doesn’t mean we’re going to agree and fight like hell. But let’s treat each other with respect."
Earlier this week McCarthy made a visit to the New York Stock Exchange and highlighted the country's out of control spending and debt problems.
In the next 10 years, Americans are on the hook for $10.5 TRILLION dollars in interest on the debt. That's more than we've had to pay in the last 80 years.
— Kevin McCarthy (@SpeakerMcCarthy) April 18, 2023
Democrats' reckless spending caused inflation, a banking crisis, and so many other problems. Time to stop the madness! pic.twitter.com/1JqlDjwJKu
Here's the plan:
— Kevin McCarthy (@SpeakerMcCarthy) April 17, 2023
The House will vote on a bill to lift the debt ceiling into next year, save taxpayers trillions of dollars, make us less dependent on China, and curb high inflation—all without touching Social Security or Medicare. pic.twitter.com/yCE9WvFb0R
Meanwhile, the U.S. National Debt sits at $31.6 trillion.