.SenRandPaul has presented an alternative plan to the recent Fiscal Responsibility Act introduced by JoeBiden and SpeakerMcCarthy. Paul's proposal comes as the agreement from McCarthy and Biden has drawn discontent among some Republican lawmakers.
Paul's proposal comes as the agreement from McCarthy and Biden has drawn discontent among some Republican lawmakers, who are refusing to vote for the deal. Under Paul's plan, the debt ceiling would be given a $500 billion increase to encourage Congress to take action on the nation's debt sooner. Paul's proposal also includes caps on both the sums of discretionary and mandatory spending, which would cut 5% spent every year, according to a statement from the senator.
Biden and McCarthy introduced their Fiscal Responsibility Act on Saturday evening. The proposal suspends the debt ceiling until after the election cycle next year to allow the Treasury Department to keep borrowing money to pay the country’s bills until January 2025. The president and House speaker's proposal differs from what Republicans had initially proposed, which would have raised the debt ceiling over the next year either by $1.5 trillion or until March 31, 2024, whichever came first.
Many Republicans have expressed their disapproval of the Fiscal Responsibility Act in the wake of its unveiling. Rep. Nancy Mace stated on Tuesday that she would not support the plan and that Republicans got outsmarted by"a President who can’t find his pants." "I’m voting NO on the debt ceiling debacle because playing the DC game isn’t worth selling out our kids and grandkids," Mace tweeted Tuesday morning.I’m voting NO on the debt ceiling debacle because playing the DC game isn’t worth selling out our kids and grandkids.Other House Republicans, including Reps. Lauren Boebert , Ralph Norman , and Chip Roy , have spoken out against the proposal.
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