Posted on 05/31/2023 3:16:27 PM PDT by Twotone
Sen. Rand Paul (R-Ky.) announced Tuesday that he will introduce the "conservative alternative" to the debt ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy. What are the details?
Like other Republicans, Paul believes that McCarthy made significant concessions that essentially kick the can down the road and do not solve the problem of government spending.
Paul, therefore, said he will propose an amendment to the so-called "Fiscal Responsibility Act" that would raise the debt ceiling only $500 billion in order to return to the negotiating table. His proposal thus solves the immediate problem of the U.S. potentially defaulting on its debt while seeking to address the larger problem of out-of-control government spending.
In a statement, Paul cited a CNN poll that showed a majority of Americans support raising the debt ceiling only with simultaneous cuts in government spending.
"I would guess the Americans answering that poll meant real cuts in spending, not an annual increase of one percent above already bloated levels of COVID-19 spending," Paul quipped. "Bold actions must be taken to defeat our mounting national debt, and my conservative alternative to the Biden-McCarthy deal gives us a real opportunity to get our fiscal house in order."
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That bold action includes replacing "the caps on discretionary spending with caps on total spending" while instituting a cut of 5% in spending each year. The plan would cut $1.2 trillion in government spending by fiscal year 2028.
Rep. Nancy Mace (R-S.C.), an otherwise moderate Republican, also condemned the debt ceiling agreement on Tuesday in a damning Twitter thread.
Among other problems, Mace said the agreement "normalizes record high spending started during the pandemic" and "doesn't actually set a debt limit."
"Fully funds every spending request by the Administration (pretty much)," she added. "Washington is, was and always will be lousy at responsibly spending your tax dollars. That won’t change unless we demand change."
The House Freedom Caucus, meanwhile, is irate.
On Tuesday, Rep. Chip Roy (R-Texas) accused McCarthy of a "betrayal of the power sharing arrangement that we put in place" while other members of the caucus suggested they may try to oust McCarthy, Politico reported.
With moderate and conservative Republicans alike upset — and progressive Democrats upset on the other side of the aisle — one has to wonder whether the deal will be made law before the June 5 deadline.
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That bold action includes replacing "the caps on discretionary spending with caps on total spending" while instituting a cut of 5% in spending each year. The plan would cut $1.2 trillion in government spending by fiscal year 2028.
Rep. Nancy Mace (R-S.C.), an otherwise moderate Republican, also condemned the debt ceiling agreement on Tuesday in a damning Twitter thread.
Among other problems, Mace said the agreement "normalizes record high spending started during the pandemic" and "doesn't actually set a debt limit."
"Fully funds every spending request by the Administration (pretty much)," she added. "Washington is, was and always will be lousy at responsibly spending your tax dollars. That won’t change unless we demand change."
The House Freedom Caucus, meanwhile, is irate.
On Tuesday, Rep. Chip Roy (R-Texas) accused McCarthy of a "betrayal of the power sharing arrangement that we put in place" while other members of the caucus suggested they may try to oust McCarthy, Politico reported.
With moderate and conservative Republicans alike upset — and progressive Democrats upset on the other side of the aisle — one has to wonder whether the deal will be made law before the June 5 deadline.
Force the issue, Senator. This is ridiculous.
but does it close the border......?
The cuts need to be in the neighborhood of $1.5 trillion per year to satisfy me.
This, and move to vacate the speaker of the House. That was the deal when MTG and others begged for McCarthy to become speaker.
The House Republican bill has already been written and passed.
Those with the ‘gold’ make the rules.
Even Karl Marx thought welfare recipients should work to help themselves if they could work.
“Paul, therefore, said he will propose an amendment to the so-called “Fiscal Responsibility Act” that would raise the debt ceiling only $500 billion in order to return to the negotiating table.”
The Democrats have no desire for anything except an ever-larger pile of IOUs so they can buy their way into absolute power.
The Senate had over five months to write its own bill with some level of spending cuts and it made no effort to do so.
Joe Biden refused to negotiate until the 11th hour, then he tenders phantom spending cuts.
The only offer should be the Republican bill already passed, or the welfare money might disappear (or be paid in dribs and drabs) for 18 months.
About 70% of stock market holdings by value are in four Democratic states: California, New York, New Jersey and Connecticut.
About 70% of the stock market holdings by value are held by Democrats or held in trust for Democrats via public pension funds.
Apple is probably 90% held by Democrats or held in trust for Democrats via public pension funds.
Republicans need worry about the stock market far less than Democrats.
If Mrs. Average Grandmother gets another $500 in interest income for a year it will not be the end of the world. That $500 will counter-balance the lower interest rates (and granny income) reduced federal spending and borrowing will result in long-term.
There are hostile parties trying to spend more. The press, the Dems, Rinos, the unelected alphabet agencies, crony business.
Conservatives are certainly defending the Alamo here.
The numbers don’t lie. Trump is not a fiscal conservative.
“Even Karl Marx thought welfare recipients should work to help themselves if they could work.’
I didn’t think he was concerned about the welfare state?
Rand Paul 2024
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