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Tipsheet

Democrat Loses It On Republicans Over Debt Ceiling As Default Date Looms

AP Photo/J. Scott Applewhite

Democrats and Republicans are still battling it out over the continued fight regarding the looming debt ceiling crisis that could cause chaos and turmoil for the economy. 

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This week members from both parties fired shots at one another, blaming each other for ongoing discussions without agreeing. 

Rep. Jim McGovern (D-Mass) had a liberal meltdown on MSNBC, accusing Republicans of sabotaging President Joe Biden's efforts. 

"Give me a g-----n break," McGovern said. "I cannot quite understand what they are thinking when they believe it is appropriate to try to balance the budget on the backs of those people, the vulnerable in our country, but we can't touch tax cuts for billionaires, we can't touch military spending." 

Several Democrats call on Biden to invoke the 14th Amendment despite the Treasury Secretary expressing doubts about the unproven strategy. 

Meanwhile, House Speaker Kevin McCarthy (R-Calif) urges the Left to accept his Limit, Save, Grow Act in the Senate to avoid default. His proposal would increase the federal borrowing limit by $1.5 trillion while at the same time reducing spending by roughly $150 billion from this year to the next.

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Rep. Chip Roy (R-TX) also unleashed on his party, telling them to stand firm in negotiations on the persistent matter capable of launching the U.S. into a recession. 

"What are Republicans doing? Running away! Saying, well, they'll never give up their signature Inflation Reduction Act bill," Roy said. "They'll give it up if we take it to them and hold the line for the American people!"

The clock is ticking. According to the Treasury Department, the estimated default date is June 1, 2023, causing unease among lawmakers and investors. 

Biden has remained firm on the idea that the White House is still "dug in" on raising taxes and increasing spending. However, Republicans are against Democrat's proposal, so discussions regarding the debt ceiling remain unresolved. 

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