• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Politics»McCarthy Sticking to His Guns, Says Debt Ceiling Deal Will Require Spending Cuts
Politics

McCarthy Sticking to His Guns, Says Debt Ceiling Deal Will Require Spending Cuts

May 25, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
McCarthy Sticking to His Guns, Says Debt Ceiling Deal Will Require Spending Cuts
Share
Facebook Twitter LinkedIn Pinterest Email

By Brett Rowland (The Center Square)

U.S. House Speaker Kevin McCarthy said Wednesday that the White House must agree to spending cuts as part of a debt deal.

“You have to spend less than you did last year,” McCarthy said at a news conference. “That’s not that difficult to do, but in Washington, somehow, that is a problem.”

McCarthy said he was hopeful negotiators would make progress although he described the two sides as “far apart.”

RELATED: Poll: Majority of Americans Want Spending Cuts Included in Debt Ceiling Deal

“I’m sending our negotiation team down to the White House to try to finish up the negotiations with the White House,” McCarthy said. “There are a number of places where we’re still far apart.”

The debt ceiling is the maximum amount of debt the U.S. Department of the Treasury can issue. U.S. Treasury Secretary Janet Yellen has repeatedly said lawmakers must raise the debt ceiling by June 1 or risk a default on U.S. debt obligations, but when exactly U.S. coffers will run dry remains uncertain. In a letter to McCarthy on Monday Yellen again said the money could run out as early as June 1.

“With an additional week of information now available, I am writing to note that we estimate that it is highly likely that Treasury will no longer be able to satisfy all of the government’s obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1,” she wrote.

She noted that things could change: “These estimates are based on currently available data, and federal receipts, outlays, and debt could vary from these estimates. I will continue to update Congress as more information becomes available.”

See also  IMF Says Russia Exit From Grain Deal Risks Adding To Global Food Inflation

RELATED: Pentagon Can’t Find Millions of Dollars Worth of Parts for Premier F-35 Fighter Jet

House Republicans passed a bill to reduce spending by $4.8 trillion and increase the debt limit by about $1.5 trillion, or until March 31, 2024, whichever comes first. The Republican bill would strip energy and environmental tax credits from the Inflation Reduction Act and formally block Biden’s student loan cancellation. It also would put work requirements in place for some federal social programs, such as requiring Medicaid recipients to work 80 hours per month.

The Limit, Save, Grow Act would return total discretionary spending to the fiscal year 2022 level in fiscal year 2024 and cap annual growth at 1% for 10 years, according to the Committee for a Responsible Federal Budget. The Congressional Budget Office has estimated that the measure would reduce budget deficits “by about $4.8 trillion over the 2023–2033 period.”

President Joe Biden has said that any agreement must have support from both parties.

Syndicated with permission from RealClearWire.

ceiling Cuts Deal debt Guns McCarthy Require spending Sticking
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

‘They Came With Their A Game’: Donald Trump, Scott Bessent Reveal Which Country Could Be Close To Making Trade Deal

April 24, 2025

The India-US Nuclear Deal: Untying the Gordian Knot of Nuclear Liability 

April 10, 2025

Panama Port Deal Puts Hong Kong Businesses at a Crossroads

March 29, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Nvidia, AMD, Micron lead chip sector higher with AI, Japan in focus

May 19, 2023

The Global Battle for Chip Talent: South Korea’s Strategic Dilemma

September 5, 2024

‘RuPaul’ Producers Oppose Laws Protecting Kids from Drag Queen Grooming

April 4, 2023

8 Yuzu Skin-Care Products To Firm and Brighten Skin

May 27, 2023
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

US Economic Growth Slows Down Massively, Well Below Expectations

April 25, 2024

Govt to Declare Crisis to Get Emergency Powers to Force Migrant Camps

April 21, 2023

Card Debt Surging Once Again; Medical Credit Cards Can Cause Problems

May 11, 2023
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.