White House Says Biden to Veto Debt Ceiling Bill

The White House remained firm on Tuesday in its demand for a debt ceiling increase that is not compromised, and pledged that President Joe Biden would veto Republicans’ proposal if, against all odds, it were to pass both chambers.

In a statement from the Office of Management and Budget, the Biden Administration said that it “strongly opposed” the legislation which reduces discretionary spending and repeals important aspects of the Inflation Reduction Act.

The $1.5 trillion Limit, Save, Grow Act 2023 also repeals any new Internal Revenue Service funding, caps annual spending at 1%, ends the student loan forgiveness program, and imposes work requirements for welfare recipients.

The statement stated that “this legislation would force significant cuts to education, including for students with disabilities, food safety inspections and rail safety, nutritious meals for seniors, cancer research and other diseases, border safety, public safety and veterans’ medical treatment.”

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This legislation will not only cause a recession, job losses, and higher interest rates for years, but it will also result in devastating cuts to programs which hard-working Americans rely on.

Biden and Democrats also compare the Republican plan to their “vision for the economic future,” which includes greater investment and lower costs for families. They also claim that the Democrats will reduce the deficit through higher taxes on the wealthy.

Even though moderate Sen. Joe Manchin (D-W.Va.) praised the Republican bill, Senate majority leader Chuck Schumer (D-N.Y.) said that the bill would be dead upon arrival in the upper chamber.

The bill is expected to pass the Republican-controlled House this week, House Speaker Kevin McCarthy, R-Calif., told Fox News’ “Sunday Morning Futures” on Sunday. McCarthy has been pressing for a vote to be held this week despite signs of increasing resistance within his own ranks.

Vote this week on the issue? Yes. McCarthy told reporters at the U.S. Capitol, “This week!” If there are any changes, I will let you know. “But right now, things are moving forward.”

The White House reported Tuesday night that “the president told Leader Schumer, [House Minority] leader [Hakeem] Jeffries (D-N.Y.) that he would be ready to negotiate separately over the budget after Republicans presented their plan. This is what both parties in Congress have done in the past.”

The nonpartisan Congressional Budget Office said on Tuesday that the bill, if passed into law, would reduce the federal budget deficit over the next decade by $4.8 trillion.