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Title: 'Kevin Caved': McCarthy Savaged Over Debt Ceiling Deal
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URL Source: https://www.zerohedge.com/markets/h ... eal-republicans-are-about-nuke
Published: May 28, 2023
Author: Tyler Durden
Post Date: 2023-05-28 20:48:11 by Horse
Keywords: None
Views: 68
Update (1345ET): The hits just keep coming for Speaker Kevin McCarthy, as angry Republicans have been outright rejecting the debt ceiling deal which raises it by roughly $4 trillion for two years, doesn't provide sticking points sought by the GOP. In short, Kevin caved according to his detractors. Yossi Gestetner @YossiGestetner Replying to @SpeakerMcCarthy Why are you boasting about fake cuts which will just be used by Dems against Republicans in 2024? I mean... If you are getting real cuts, then ok you are putting country over party. But this is clown stuff. FY2023 is 45% above pre-CLVID's budget and in sum "freezes" in place. Yossi Gestetner @YossiGestetner BTW, were your voters clamoring for a $88 billion hike in the defense budget as part of a debt deal? What about affirming 97.6% of the $80 billion for the IRS; 4 months after the Clown House Vote to repeal the $80? Maybe you have polling that I don't have. Tom Elliott @tomselliott .@SpeakerMcCarthy defends offering a higher debt ceiling in exchange for increased govt spending: "We let government grow, but at a slower rate" https://twitter.com/i/status/1662827223684988932 After President Biden and House Speaker Kevin McCarthy (R-CA) struck a Saturday night deal to raise the debt ceiling, several Republicans outright rejected it before it could even be codified into a bill. Here's what's in it; The deal raises the debt ceiling by roughly $4 trillion for two years, and is consistent with the structure of budget deals struck in 2015, 2018 and 2019 which simultaneously raised the debt limit. According to a GOP one-pager on the deal, it includes a rollback of non-defense discretionary spending to FY2022 levels, while capping topline federal spending to 1% annual growth for six years. After 2025 there are no budget caps, only "non-enforceable appropriations targets." Defense spending would be in-line with what Biden requested in his 2024 budget proposal - roughly $900 billion. The deal fully funds medical care for veterans, including the Toxic Exposure Fund through the bipartisan PACT Act The agreement increases the age for which food stamp recipients must seek work to be eligible, from 49 to 54, but also includes reforms to expand who is eligible. Claws back "tens of billions" in unspent COVID-19 funds Cuts IRS funding 'without nixing the full $80 billion' approved last year. According to the GOP, the deal will "nix the total FY23 staffing funding request for new IRS agents." The deal includes energy permitting reform demanded by Republicans and Sen. Joe Manchin (D-WV) No new taxes, according to McCarthy. Here's McCarthy acting like it's not DOA: Yet, Republicans who demanded deep cuts aren't having it. "A $4 trillion debt ceiling increase?" tweeted Rep. Andrew Clyde (R-GA). "With virtually none of the key fiscally responsible policies passed in the Limit, Save, Grow Act kept intact?" "Hard pass. Hold the line." "A $4 TRILLION debt ceiling increase?! That's what the Speaker's negotiators are going to bring back to us?" tweeted Rep. Dan Bishop (R-NC). "Moving the issue of unsustainable debt beyond the presidential election, even though 60% of Americans are with the GOP on it?" print-icon print-icon 'Kevin Caved': McCarthy Savaged Over Debt Ceiling Deal Tyler Durden's Photo by Tyler Durden Sunday, May 28, 2023 - 10:30 AM Update (1345ET): The hits just keep coming for Speaker Kevin McCarthy, as angry Republicans have been outright rejecting the debt ceiling deal which raises it by roughly $4 trillion for two years, doesn't provide sticking points sought by the GOP. In short, Kevin caved according to his detractors. Recommended Videos Upstart Borrow Now Etoro Invest Now Senate agrees on two-month debt limit increase 'Very important' the U.S. debt ceiling is raised -Powell NOW PLAYING Senate to vote on debt ceiling, GOP vows to block GOP 'manufactured a crisis' -Schumer on debt limit Washington will settle debt limit issue -investor Kudlow praises 'pretty good' budget deal White House steps up pressure to raise debt limit China says it is ready to help Kenya with debt Some Democrats aren't exactly pleased either. "None of the things in the bill are Democratic priorities," Rep. Jim Himes (D-CT) told Fox News Sunday. "That's not a surprise, given that we're now in the minority. But the obvious point here, and the speaker didn't say this, the reason it may have some traction with some Democrats is that it's a very small bill." * * * After President Biden and House Speaker Kevin McCarthy (R-CA) struck a Saturday night deal to raise the debt ceiling, several Republicans outright rejected it before it could even be codified into a bill. Here's what's in it; The deal raises the debt ceiling by roughly $4 trillion for two years, and is consistent with the structure of budget deals struck in 2015, 2018 and 2019 which simultaneously raised the debt limit. According to a GOP one-pager on the deal, it includes a rollback of non-defense discretionary spending to FY2022 levels, while capping topline federal spending to 1% annual growth for six years. After 2025 there are no budget caps, only "non-enforceable appropriations targets." Defense spending would be in-line with what Biden requested in his 2024 budget proposal - roughly $900 billion. The deal fully funds medical care for veterans, including the Toxic Exposure Fund through the bipartisan PACT Act. The agreement increases the age for which food stamp recipients must seek work to be eligible, from 49 to 54, but also includes reforms to expand who is eligible. Claws back "tens of billions" in unspent COVID-19 funds Cuts IRS funding 'without nixing the full $80 billion' approved last year. According to the GOP, the deal will "nix the total FY23 staffing funding request for new IRS agents." The deal includes energy permitting reform demanded by Republicans and Sen. Joe Manchin (D-WV) No new taxes, according to McCarthy. Here's McCarthy acting like it's not DOA: Yet, Republicans who demanded deep cuts aren't having it. "A $4 trillion debt ceiling increase?" tweeted Rep. Andrew Clyde (R-GA). "With virtually none of the key fiscally responsible policies passed in the Limit, Save, Grow Act kept intact?" "Hard pass. Hold the line." "Hold the line... No swamp deals," tweeted Rep. Chip Roy (R-TX) "A $4 TRILLION debt ceiling increase?! That's what the Speaker's negotiators are going to bring back to us?" tweeted Rep. Dan Bishop (R-NC). "Moving the issue of unsustainable debt beyond the presidential election, even though 60% of Americans are with the GOP on it?" Rep. Keith Self tweeted a letter from 34 fellow House GOP members who are committing to "#HoldTheLine for America" against the deal. Poster Comment: The total proposed Defense budget is $1,510 if you include the $600 billion hidden in half a dozen agencies outside the DOD.
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