While President Biden is looking for higher taxes on the wealthiest citizens, McCarthy favors sharp spending cuts to help lower the country's debt.
Economists and experts warn that even the threat of a federal debt default would send shockwaves through the economy.
The package would also impose tougher work requirements on recipients of food stamps and government aid, halt Biden’s plans to forgive up to $20,000 in student loans and end the landmark renewable energy tax breaks Biden signed into law last year. It would tack on a sweeping Republican bill to boost oil, gas and coal production.
Several Republicans from the party’s right wing, eager for even stricter spending cuts, said this bill was at least a starting point as they prepared to vote for McCarthy’s strategy and bolster his hand in talks with Biden., R-Wis., said: “It’s our obligation to get Speaker McCarthy to the table.” Rep, Tim Burchett, R-Tenn., said Republican leaders were a no-show for a planned meeting and don’t have his support. The nearly $32 trillion in debt, “that’s my major concern,” he said.Senate Majority Leader Chuck Schumer said House passage of the legislation would be a “wasted effort” and that McCarthy should come to the table with Democrats to pass a straightforward bill without GOP priorities and avoid default.
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