There have been a lot of comments about raising the US debt ceiling, with Treasury Secretary Janet Yellen saying last month that a US default would be “devastating”, and the President of European Central Bank Christine Lagarde warned it would be a “major catastrophe” if the United States defaulted. Now it looks like Republican politicians are ready to raise the country’s debt limit, but only if other lawmakers repeal the green energy and climate change mandates in the Cut Inflation Act.
Debate over Inflation Reduction Act heats up as debt ceiling deadline nears
This weekend, there is a lot of talk regarding the repeal of several measures installed in the Biden administration’s Inflation Reduction Act. Republicans, led by House Speaker Kevin McCarthy (R-CA), are tries to empty the Inflation Reduction Act, and in return they would be willing to raise the debt ceiling. Wednesday, McCarthy said that the repeals “would end green freebies for companies that distort the market and waste taxpayers’ money.”
McCarthy isn’t the only lawmaker to propose repealing the Inflation Reduction Act. Congressman Andy Ogles (R-TN) introduced legislation in February aimed at “repealing record spending by Democrats.” “President Biden and his fellow House Democrats have imposed countless spending measures to advance their woke ‘green agenda,'” Ogles said at the time. There were complaints against the Inflation Cut Act ahead of its passage, with 230 economists sending a letter to the nation’s House and Senate leaders saying the law would fuel inflation.
After McCarthy and the House Republicans’ plan were made public, White House Deputy Press Secretary Andrew Bates said in a memo that Republicans want to “kill more than 100,000 manufacturing jobs.” Biden took to Twitter on Sunday to complain about the repeal discussion. “Repealing the Inflation Reduction Act would mean doing nothing about the growing ferocity of natural disasters, cutting clean energy jobs and turning our backs on families living in cities poisoned by pollution,” Biden said. . tweeted. “Friends, we can’t let this happen.”
Biden’s tweet met with a lot of opposition. An individual replied to the US President saying that the Inflation Reduction Act “had nothing to do with inflation and everything to do with increasing climate alarmism and bringing money to industry climatic”. Another person writing, “In other words, you lied to Americans about what the ‘Inflation Reduction Act’ does. Now you’re lying about what it can do. Why say nonsense? It’s all lies. ” another individual critical the US President for not traveling to eastern Palestine, Ohio, after the major train derailment disaster.
The United States is expected to default on its obligations to private investors, foreign companies and other nation states by the end of the summer if the debt ceiling is not raised. ECB President Christine Lagarde said last week she was confident the United States would not let this happen because it would be a “major disaster”. The United States has accumulated over $31 trillion in debt. Last month, after three major US banks collapsed, Treasury Secretary Janet Yellen insisted that exceeding the debt limit would be “devastating” for US banks.
What do you think should be done to deal with the growing debt of the United States and prevent a default on its obligations? Share your thoughts in the comments section below.
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