The Gods Tips - Investing and Stock News
No Result
View All Result
  • Investing
  • Stock
  • Editor’s Pick
  • Economy
  • Bitcoin
  • Investing
  • Stock
  • Editor’s Pick
  • Economy
  • Bitcoin
No Result
View All Result
The Gods Tips - Investing and Stock News
No Result
View All Result
Home Uncategorized

McConnell tosses debt ceiling hot potato to Biden, McCarthy: ‘That’s where a solution lies’

by
January 25, 2023
in Uncategorized
0
McConnell tosses debt ceiling hot potato to Biden, McCarthy: ‘That’s where a solution lies’
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Senate Minority Leader Mitch McConnell said Tuesday that only a negotiation between House Speaker Kevin McCarthy and President Biden can deliver a resolution to the fight over the debt ceiling, and indicated the Senate would end up accepting any deal reached by House Republicans and the White House.

McConnell said slim Democratic majority in the Senate makes it highly unlikely that the Senate could pass any resolution to the debt ceiling that the GOP-led House could accept. For that reason, he said it’s up to McCarthy and Biden to find a way forward.

‘I can’t imagine any kind of debt ceiling measure that could pass the Senate would also pass the House,’ McConnell told reporters. ‘In this current situation, the debt ceiling fix, if there is one… will have to come out of the House.’

‘So I think it’s entirely reasonable for the new speaker and his team to put spending reduction on the table,’ he added. ‘I wish him well in talking to the president. That’s where a solution lies.’

McConnell’s prediction reflects the reality of a 51-49 Senate that needs 60 votes to pass legislation. Even if nine Senate Republicans went along with Senate Democrats to approve a debt ceiling hike, that agreement would go nowhere in the House, where Republicans are demanding significant spending cuts before agreeing to raise the borrowing limit.

Similarly, Senate Democrats are unlikely to break ranks and support a Senate Republican debt ceiling hike that calls for spending cuts.

So far, House Republicans have called on President Biden to negotiate a deal that allows a debt ceiling hike and cuts spending. But Biden and the White House have said they will not negotiate, and are warning that Republicans are threatening an economic disaster by demanding a debt ceiling hike with conditions.

Several Democrats have warned that GOP demands will lead to economic ruin. Tuesday morning, Senate Majority Leader Chuck Schumer, D-N.Y., imagined the worst-case scenario of a debt default as a result of GOP demands for spending cuts.

‘Listen to what could happen if we default,’ Schumer said on the Senate floor. ‘Interest rates will go up on mortgages, on car loans, on credit cards. Pensions, the money people had put aside, will lose billions. So will IRAs and 401(k)s in all likelihood. Home values will decline because when mortgage interest rates go up, people are willing to pay less for homes.’

Republicans have said they have no interest in allowing the government to default on what it owes, and that the two parties have worked before to agree to new spending terms during a debt ceiling debate. The GOP also says the growing $31.4 trillion debt is as much a threat to U.S. security as a possible default.

‘We have several months to reach a bipartisan deal, which Congress has successfully done numerous times in past debt ceiling negotiations,’ House Budget Committee Chairman Jodey Arrington, R-Texas, told Fox News. ‘While defaulting on our debt is an unrealistic outcome, bankrupting the country and our children’s future is a real and irreparable scenario.’

Pete Kasperowicz is a politics editor at Fox News Digital.

This post appeared first on FOX NEWS
Previous Post

80% Of Uniswap Holders Support BNB PoS Chain For Deploying V3 Protocol

Next Post

Biden to Democratic leaders: ‘I’m tired of this trickle-down economics’

Next Post
Biden to Democratic leaders: ‘I’m tired of this trickle-down economics’

Biden to Democratic leaders: 'I'm tired of this trickle-down economics'

  • Trending
  • Comments
  • Latest
Global IoT market size to grow 19% in 2023

Global IoT market size to grow 19% in 2023

February 9, 2023
Wisconsin Gov. Evers’ budget bill to include new reckless driving laws

Wisconsin Gov. Evers’ budget bill to include new reckless driving laws

February 11, 2023
Iron Condor Vs. Short Strangle

Iron Condor Vs. Short Strangle

February 1, 2023

Breaking Free From Political Polarization With Classical Liberalism (Video)

February 11, 2023
Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High

Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High

0
Steady PutWrite 2022 Year In Review

Steady PutWrite 2022 Year In Review

0
How Much Do You Need to Start Trading Options?

How Much Do You Need to Start Trading Options?

0
Options Strategies for Small Accounts

Options Strategies for Small Accounts

0
Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High

Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High

June 5, 2023

Wealth Taxes: The Tale of “Tuh”

June 5, 2023

Are GOP Presidential Contenders Prepared to Take On the Fed?

June 5, 2023
Nonprofit launches to restore ICE immigration enforcement, counter left-wing ‘Abolish’ movement

Nonprofit launches to restore ICE immigration enforcement, counter left-wing ‘Abolish’ movement

June 5, 2023
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Recent News

Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High

Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High

June 5, 2023

Wealth Taxes: The Tale of “Tuh”

June 5, 2023

Are GOP Presidential Contenders Prepared to Take On the Fed?

June 5, 2023
Nonprofit launches to restore ICE immigration enforcement, counter left-wing ‘Abolish’ movement

Nonprofit launches to restore ICE immigration enforcement, counter left-wing ‘Abolish’ movement

June 5, 2023
  • About Us
  • Contact Us
  • Email Whitelisting
  • Terms and Conditions
  • Privacy Policy
  • About Us
  • Contact Us
  • Email Whitelisting
  • Terms and Conditions
  • Privacy Policy

Disclaimer: Thegodstips.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.
Copyright © 2023 Thegodstips.com

No Result
View All Result
  • Investing
  • Stock
  • Editor’s Pick
  • Economy
  • Bitcoin

Disclaimer: Thegodstips.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.
Copyright © 2023 Thegodstips.com