(VitalNews.org) – President Joe Biden and Republican House Speaker Kevin McCarthy are learning that no legislation can please everyone as both Democrats and Republicans slam their agreement about the debt ceiling.
Conservative commentator Steve Bannon had especially sharp words for McCarthy, calling his deal with the President a “total surrender.”
On May 27, Biden and McCarthy announced they’d reached an agreement in principle (no legislation voted on). The deal will raise the U.S. debt limit, currently at $31.4 trillion, over the next two years to avoid the U.S. defaulting on its debt. As part of the deal, the U.S. would have to limit non-defense and discretionary spending through 2025.
In addition, the White House had to agree to release unused pandemic relief funds, cut funding to the Internal Revenue Service (IRS), and toughen work requirements for individuals and families receiving government benefits such as food stamps.
Many conservatives are unhappy with the deal. Steve Bannon said the agreement would mean the U.S. will lose decades of potential economic growth. He characterized Speaker McCarthy’s agreement to the deal as a “total and complete sell-out.”
The agreement would add $4 to $5 trillion to the national debt by 2025, Bannon said, which won’t be offset by much smaller cuts included in the deal.
Republican Texas Senator Ted Cruz called the deal a “blank check” for the Democratic party, while Lauren Boebert (R-CO) took to social media to say voters deserve a better deal, and that her constituents could count on her voting “no.”
For his part, McCarthy is trying to convince Republicans that the deal is a victory for conservatives. He says there isn’t anything in the agreement that Democrats pushed for.
President Biden is describing the deal as a compromise that cuts spending while preserving funding for “critical programs for working people”. The House voted on the deal on May 31st.
On Thursday evening, June 1st, the bill also passed the Senate by a margin of 63-36. The President expressed his relief at having reached a bipartisan compromise and will sign the bill as soon as possible.
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