(Bloomberg) — Senate Majority Leader Chuck Schumer dared House Republicans to propose and vote on the deep spending cuts they demand in exchange for lifting the debt ceiling later this year.
(Bloomberg) — Senate Majority Leader Chuck Schumer dared House Republicans to propose and vote on the deep spending cuts they demand in exchange for lifting the debt ceiling later this year.
Such a vote would tie Republicans politically to what Schumer called “draconian” reductions that conservatives want to make to popular federal programs.
Speaking on the Senate floor, the New York Democrat said it isn’t clear what conservatives want, whether it be cuts to Social Security or Medicare, or to military pay raises or public health programs.
“Frankly, I expect the House Republicans themselves will struggle to come up with a serious answer, because deep down they know that no matter what they propose their cuts are likely to be deeply unpopular with the American people,” Schumer said.
House Speaker Kevin McCarthy has said he wants to use the threat of a catastrophic debt default later this year to extract spending cutbacks from Democrats. Senate Minority Leader Mitch McConnell predicts an accord linking a debt ceiling increase and some spending decreases, but is offering assurances that the US won’t breach the limit.
Schumer said the only way to raise the debt limit is with the help of lawmakers of both parties, reiterating a position stated in recent weeks by Democratic leaders and President Joe Biden.
Any default, Schumer said, would be the fault of “MAGA” Republicans and would have deep consequences on average citizens, including their retirement accounts and pensions and the costs of borrowing for mortgages, car loans and credit cards.
“Brinkmanship, hostage-taking, default on the debt should be off the table,” Schumer said. “Both parties should work together to ensure we can continue to pay our debt on time, and we Democrats are ready to move quickly in order to make that happen.”
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