The White House claims that both infants’ and adults’ health will be seriously harmed by the Republican plan to raise the debt ceiling.
White House press secretary Karine Jean-Pierre claimed that House Speaker Kevin McCarthy’s proposal to raise the debt ceiling would give asthma to our children and make it easier for the petroleum industry to use hazardous substances that cause horrific burns, damage people’s eyes, and melt bones.
According to a report, Jean-Pierre was enthusiastic about President Joe Biden’s executive order to advance environmental justice, but the briefing took a weird turn.
Jean-Pierre claimed that Speaker McCarthy presented a ransom note taking our economy hostage. The proposal will eliminate jobs, overwhelm cities in smog, and give kids asthma.
Jean-Pierre was alluding to the 320-page “Limit, Save, Grow Act of 2023,” extending the debt limit by $1.5 trillion this year until the end of March 2024.
As a result of the debt limitation, the government can only take on so much debt to meet its financial obligations. According to the CBO, on January 19, this limit was hit, and it is now hovering at $31.4 trillion.
The report states that since Republicans control the House of Representatives, it could authorize an increase in the debt limit so that the Treasury can continue taking on additional debt to pay off its obligations.
But they have stood fast against the president thus far, demanding that significant fiscal change be included in any plan to increase the debt limit.
According to reporting, McCarthy’s proposal would end Biden’s program to cancel student loans, increase the production of domestic oil and gas, and return unspent COVID pandemic funds.
The legislation would place constraints on the yearly legislative appropriations process.
The bill would save American taxpayers approximately $4.5 trillion by setting spending for fiscal 2024 back to 2022 norms and limiting expenditure growth to 1% yearly for the following decade.