Mon. Feb 6th, 2023

Lawmakers divided over debt ceiling

Fox Information congressional correspondent Chad Pergram has the newest on the congressional battle over the debt ceiling on “Particular Report with Bret Baier.”

Rep. Thomas Massie, R-Ky., was noticed sporting a do-it-yourself nationwide debt clock badge within the halls of Congress on Tuesday night amid an ongoing partisan battle over elevating the debt ceiling.

Massie was seen by reporters sporting the makeshift badge as Washington faces a renewed combat over lifting the debt ceiling, together with proposals to permit the federal government to borrow with none restrict set by Congress.

Politico reported that Massie constructed the badge himself out of a mix of roofing copper and a microprocessor over the course of about three days. He instructed the outlet that he pulled the information from “about 400 strains of code” on the Treasury Division’s web site.

Rep. Thomas Massie, R-Ky., was seen sporting the badge on Tuesday.
(AP Picture / J. Scott Applewhite)

The federal government hit the debt ceiling — presently set at $31.38 trillion — final week. Home Republicans have known as for commitments to chop again on the enlargement of federal spending, which has grown beneath each Republican and Democratic administrations.

US DEBT CEILING FORCES TREASURY INTO ‘EXTRAORDINARY MEASURES’

Nonetheless, Democrats have accused Republicans of “weaponizing” the debt ceiling as a part of funds negotiations, risking U.S. financial well being within the course of by bringing it near default.

“The federal government has an obligation to pay its payments,” Rep. Invoice Foster, D-Unwell., stated this week. “Threatening to default on our debt is identical as ordering an costly meal at a restaurant, consuming it and skipping out with out paying. We will and will have an actual dialog about total spending, however the full religion and credit score of america must not ever be compromised.”

Republicans, in the meantime, have known as on the White Home to assist negotiate a deal that reduces spending and stated it was “disappointing” that to this point President Joe Biden has not intervened. In addition they argued that congressional approval of latest spending packages is what has repeatedly compelled the federal government to maintain hitting its borrowing restrict, which has then compelled Congress to maintain elevating the debt ceiling.

DEMOCRATS PUSH TO ELIMINATE DEBT CEILING, ALLOW UNLIMITED GOVERNMENT BORROWING

“It is very disappointing,” Home Speaker Kevin McCarthy instructed reporters this week. “Right here’s the chief of the free world pounding on a desk, being irresponsible, saying, ‘No, no, no, simply increase the restrict.’”

CONSERVATIVES SHARPEN THEIR SPEARS FOR HISTORIC DEBT CEILING FIGHT

Biden met with Democratic leaders on Tuesday and took goal at Republicans over the combat.

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“Look, I’ve no intention of letting the Republicans wreck our economic system,” Biden stated.

The federal authorities spent $4.4 trillion in fiscal 12 months 2019, simply earlier than COVID hit. It spent $6.5 trillion in fiscal 12 months 2020, $6.8 trillion in fiscal 12 months 2021 and $6.3 trillion in fiscal 12 months 2022.

Fox Information’ Peter Kasperowicz and the Related Press contributed to this report.

Adam Shaw is a politics reporter for Fox Information Digital, primarily protecting immigration and border safety.

He may be reached at [email protected] or on Twitter.

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