House Speaker Kevin McCarthy’s proposals released by his team “throw back” earlier efforts to negotiate the country’s national debt, White House press secretary Karine Jean-Pierre said on May 20.
“The President and Speaker agreed that any budget agreement must be bipartisan. Last night in Washington, the speaker’s team introduced a proposal that was a big step backwards and contained a set of extreme demands that both houses of Congress could never pass, ”the statement said. statement Jean Pierre.
She noted that US President Joe Biden has repeatedly put forward proposals to reduce the budget deficit – from limiting spending to reducing the profits of large pharmaceutical companies and closing tax loopholes for the oil and gas sector. The president’s team, she said, is ready to meet at any time for a proposal that can be passed on a bipartisan basis, get on the president’s table and cut the deficit.
“Only the Republican leadership, indebted to its wing MAGA (Make America Great Again / Let’s return America to its former greatness. – Ed.), And not the president or the leadership of the Democrats, for the first time in our history threaten to default our country,” summed up Jean-Pierre.
On May 16, Speaker of the House of Representatives Kevin McCarthy, after meeting with President Biden, said that the White House and Congress are still far from an agreement to increase the national debt. One of the main outcomes of the meeting, the speaker of the House of Representatives called the fact that he and Biden agreed to choose negotiators who will work to find a compromise in the matter.
On May 15, US Treasury Secretary Janet Yellen confirmed a possible default date of June 1 and urged Congress to raise the national debt ceiling as soon as possible.
In April, the International Monetary Fund (IMF) predicted that in 2024 the level of US public debt will rise to 125.8% of GDP, in 2025 – to 129.1% of GDP. By 2028, it can reach 136.2% of GDP. At the moment, the national debt of the United States is $31.4 trillion.
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