By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > News > Hardline Republicans pledge to torpedo US debt ceiling deal
News

Hardline Republicans pledge to torpedo US debt ceiling deal

News Room
Last updated: 2023/05/30 at 3:06 PM
By News Room
Share
4 Min Read
SHARE

Hardline Republican lawmakers vowed to “do everything” in their power to stop a bipartisan deal to raise the US debt ceiling from being signed into law, as Kevin McCarthy rushed to whip votes in support of the agreement and avert a default.

Scott Perry, a rightwing congressman from Pennsylvania who chairs the House Freedom Caucus, on Tuesday lashed out at McCarthy, the Republican Speaker of the House, saying he had “totally fail[ed] to deliver” on his mandate to “hold the line” in negotiations with the White House.

The White House and McCarthy struck a deal at the weekend that would suspend the debt ceiling until after the next presidential election in 2024. It caps discretionary spending for two years, tightens requirements for some social programmes, cuts funding for the Internal Revenue Service and speeds up permitting for big energy and infrastructure projects.

However, Perry and other hardliners championed McCarthy’s opening gambit in the negotiations — the Limit, Save, Grow Act — that would have raised the debt ceiling until next year with steep spending cuts and a rollback of some of President Joe Biden’s biggest policies such as student loan debt forgiveness.

Standing in front of 10 fellow Republicans who joined in his attacks on the deal, Perry said: “These members and others will be absolutely opposed to the deal and we will do everything in our power to stop it, and end it now.”

Perry stopped short of calling for McCarthy to lose his job over the deal but his comments pile pressure on the Speaker as he looks ahead to a probable vote that is expected to take place in the lower chamber of Congress on Wednesday.

The compromise needs to pass both the House and the Senate if it is to become law before next week. Janet Yellen, Treasury secretary, has warned the federal government will run out of money on June 5 if the debt ceiling is not raised in time.

Republicans control the House by a razor-thin margin. With more than a dozen of the party’s members saying in public they will vote against the deal, McCarthy must rely on a critical mass of support from House Democrats to get the bill over the line.

Many of McCarthy’s former critics have applauded the lawmaker — who was elected Speaker in January despite fierce opposition from members of his own party — for his handling of the debt ceiling issue.

But members of the Freedom Caucus have threatened to invoke a “motion to vacate”, or vote of no confidence, in McCarthy if he does not answer their calls to abandon the deal.

Chip Roy, the Republican congressman from Texas, told talk radio host Glenn Beck on Tuesday that if the debt ceiling becomes law, “we’re going to have to then regroup and figure out the whole leadership arrangement again”.

Read the full article here

News Room May 30, 2023 May 30, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Israel 1967, Iran 2025: two countries on the threshold of a nuclear bomb

A secret nuclear programme deep underground, shielded from American eyes, slowly revealing…

Trump says he has found group of ‘wealthy people’ to buy TikTok

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Bessent says it’s time for China to “graduate.”

Watch full video on YouTube

Republicans struggle to pass Trump’s ‘big, beautiful bill’ as debate drags on

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

How China Proved It Can Shut Down Global Auto Production

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

News

Israel 1967, Iran 2025: two countries on the threshold of a nuclear bomb

By News Room
News

Trump says he has found group of ‘wealthy people’ to buy TikTok

By News Room
News

Republicans struggle to pass Trump’s ‘big, beautiful bill’ as debate drags on

By News Room
News

Iran attack could be the death knell for nuclear non-proliferation

By News Room
News

Trump’s spending and attacks on Fed put US safe-haven status at risk, economists warn

By News Room
News

Get ready to embark on a new era of financial repression

By News Room
News

Russia hits Ukraine with biggest air attack of the war

By News Room
News

US energy groups spend record sums on power plants to feed data centres

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?