Debt Bill Deal Satisfies Neither Side

As default day draws closer, both progressives and conservatives are voicing discontent over the tentative deal negotiated by President Joe Biden and Speaker Kevin McCarthy.

Many times previously the United States has crawled right up to the debt default deadline, and it once again faces the paths of narrowly avoiding default or risking global economic crisis.

As the deal’s passage remains uncertain, retirees are making contingency plans for missed checks. Financial markets internationally are preparing for a freeze. And the stock market is bracing for a plunge that could erase trillions in household wealth.

McCarthy has portrayed his negotiations as successful despite the final result falling well short of cuts the party sought.

The White House has been in contact with lawmakers who aren’t yet prepared to excuse the concessions made.

McCarthy said on Sunday the plan “doesn’t get everything everybody wanted” but that should be expected. The 99-page bill was made public Sunday and McCarthy has pledged to abide by the 72 hour posting rule before calling for a vote, which would put the earliest chance at Wednesday, just five days before the projected default date of June 5th.

Progressives Outraged at Concessions

Progressive Democrats have voiced frustration over new work requirements for two government assistance programs, Temporary Assistant for Needy Families (TANF) and Supplemental Nutrition Assistance Program (SNAP).

They also say the White House kept its negotiations far too private and limited discussion to its inner circle, including the full 24 hours it waited after the deal was announced to explain it to the full Democratic caucus.

“I don’t think they’ve done a good job about communicating with members about what’s been happening,” said one Democrat House member to Politico. “People want to know why Republicans were briefed at 9:30 p.m. [Saturday] and we’re not being briefed till 5 o’clock [Sunday].”

Conservatives Concerned Cuts Aren’t Enough

With the first passage vote set for Wednesday, a number of Republicans expect it to fail and negotiations to continue.

“This is the beginning,” Representative Stephanie Bice (R-OK) said Monday. “We’ve certainly wanted to see additional cuts in spending. Whether we can get that across the finish line through the appropriations process, it remains to be seen.”

The Congressional Budget Office estimates the package will cut about $2.1 trillion if its funding caps stay in place for six years.

Representative Ralph Norman (R-SC) has called the deal “insanity” in light of the current nearly $31.5 trillion in federal debt.

Republican presidential candidate and Florida Governor Ron DeSantis also weighed in, saying, “Prior to this deal, our country was careening towards bankruptcy, and after this deal, our country will still be careening towards bankruptcy.”

Former President Donald Trump, as well as the other 2024 candidates, have yet to weigh in since the details of the deal were announced.

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