Friday, June 2, 2023

The speaker of the US House of Representatives has ruled out ending tax cuts for the wealthy after failing to reach an agreement with President Biden on the debt ceiling

House Speaker Kevin McCarthy left the White House on Monday without reaching an agreement on the national debt ceiling. The high-profile meeting between McCarthy and President Biden came just ten days before the United States faces a possible default on its obligations. Likewise, in order to reach an agreement on increasing the debt ceiling, Republicans demand that funding for social programs be drastically cut. After the meeting, McCarthy dodged a question from the press about whether Republicans would support removing tax cuts that were implemented under the Trump administration to heavily support wealthy American residents and corporations.

Speaker of the House of Representatives Kevin McCarthy: “The problem is not revenue. I believe that like any household, like any business, like any state government, when things get out of control, you have to requires less spending than in the year.”

In early May, the Congressional Budget Office reported that extending the tax cuts, which was passed in 2017 and signed by then-President Trump, would add $3.5 trillion to the federal deficit by 2033. These were the words expressed by the Democratic leader. Minority of the House of Representatives, Hakeem Jeffries.

Congressman Hakeem Jefferies: “[Los republicanos] They refuse to talk about income. [Ellos] GOP unwilling to revise tax scandal that skyrocketed debt by two trillion dollars to subsidize the rich, well-off and connected [personales], Now they’re saying, ‘No, we can’t talk about this, we can’t talk about revenue, we can’t talk about any of the policy changes that the Democrats want to implement.’ Does it sound like conversation? Or is it a hostage situation?”

Congressman Jeffries said he is open to a deal to reduce federal spending at current levels. Members of the Congressional Progressive Caucus have rejected that idea, and are calling on President Biden to invoke his authority under the Fourteenth Amendment to the US Constitution to prevent loan defaults.

Nation World News Desk
Nation World News Desk
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