The White House said Tuesday that President Biden would veto the House GOP’s debt limit bill if it managed to pass the Democrat-controlled Senate and reached the president’s desk.
“The bill stands in stark contrast to the President’s vision for the economy,” the White House said in a statement. “Therefore, if the president were presented with the [legislation] … he would veto it.”
Mr. Biden’s threat comes as House Republicans prepare to pass legislation this week that would raise the nation’s debt ceiling by $1.5 trillion in exchange for $4.5 trillion in spending cuts. Republicans want to cut federal spending by $130 billion for the upcoming fiscal year and limit future budget growth to 1% annually over the next decade.
GOP lawmakers also propose to rescind at least $90.5 billion unspent COVID-19 relief and $200 billion in green energy tax credits passed by Democrats last year. They also want to cancel Mr. Biden’s student loan forgiveness program, a cancellation that the Committee for a Responsible Federal Budget estimates would save taxpayers $500 billion over the next decade.
“President Biden’s reckless spending created record inflation, made us more dependent on China, and undermined Social Security and Medicare,” said House Speaker Kevin McCarthy, California Republican.
The GOP legislation would impose new requirements that individuals work at least 20 hours per week to qualify for Medicaid and food stamps. It also increases the age limit for work requirements from 49 to 55.
Beyond cutting spending and restructuring the social safety net, the bill overhauls the nation’s energy-permitting laws and provisions requiring congressional approval for any new regulations with an economic impact of more than $100 million per year.
“This legislation would force severe cuts to education (including for students with disabilities), food safety inspections, rail safety, healthy meals for seniors, research on cancer and other diseases, border security, public safety, and veterans’ medical care,” the White House said.
Mr. Biden has refused to negotiate with House Republicans over raising the debt ceiling. The White House argues it’s not fair for the House GOP to take the government’s finances hostage because both parties contributed to the nation’s $31 trillion debt.
• Haris Alic can be reached at halic@washingtontimes.com.
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