Speaker McCarthy Announces a Plan for a Responsible Debt Ceiling Increase

The American people expect and deserve serious, sensible action to address our soaring national debt. Unfortunately, President Biden has avoided taking any action, even though he added $6 trillion to our nation’s debt burden in two years and presides over record inflation that continues to hurt families and small businesses. The President seems to have no interest in negotiating a responsible debt limit increase. What President Biden is demanding is irresponsible and cannot pass.

President Biden’s reckless spending created record inflation, made us more dependent on China, and undermined Social Security and Medicare. We must address record spending now. If we don’t, America will be weaker and families will be worse off.

Since President Biden continues to hide, House Republicans will take action.

We will lift the debt limit into next year, limit federal spending, save taxpayers trillions of dollars, and grow our economy. This legislation will make us less dependent on China and curb high inflation, all without touching Social Security or Medicare - because no one is hurt more by inflation than seniors.

We owe it to the American people to use this moment in history to deliver the future they want, need, and deserve. President Biden has a choice: come to the table and stop playing partisan political games or cover his ears, refuse to negotiate, and risk bumbling his way into the first default in our nation’s history.