The House Freedom Caucus is standing firm against any discussions of raising the nation’s debt ceiling. They refuse to vote in favor of a compromise bill between House Speaker Kevin McCarthy and President Biden. Despite more Democrats pressuring President Biden to invoke the 14th Amendment to prevent default, the Caucus is calling on Speaker McCarthy and Senate Republicans to ensure that the Limit, Save, Grow Act is put into law immediately without any further discussions. The Act, which was passed by the House in April after negotiations with the Freedom Caucus, is vital to reduce the budget deficit and debt.
The Limit, Save, Grow Act will repeal Biden’s Inflation Reduction Act, student debt cancellation, and add work requirements to welfare programs. However, Democrats have refused to support the Act, with Senate Majority Leader Chuck Schumer declaring it “dead on arrival” for them.
In contrast, the Democrats have requested that President Biden be ready to invoke the 14th Amendment to the Constitution to prevent default from happening. Eleven Senate Democrats want Biden to take action as soon as possible if no compromise is reached with McCarthy. They argue that invoking 14th Amendment authority prevents a global economic catastrophe. However, Treasury Secretary Janet Yellen and other legal experts have warned against the idea, warning that it could lead to a constitutional crisis and even impeachment proceedings against President Biden.
House Republicans did our job on debt ceiling.
It's time for President Biden and Senate Democrats to do theirs and pass the Limit, Save, Grow Act.
No more discussion on watering it down. Period. pic.twitter.com/pphcbdKy0k
— House Freedom Caucus (@freedomcaucus) May 18, 2023
The positions of lawmakers are growing further apart, despite both McCarthy and Biden suggesting that they have narrowed down potential deal points, including a 1% cap on discretionary spending and openness to work requirements in welfare. While the nation may face default proceedings, McCarthy, President Biden, and Freedom Caucus have yet to respond to inquiries from Daily Caller News Foundation.
Source: The Daily Caller