• July 14, 2024

Senate Passes Biden-McCarthy Debt Ceiling Bill 63-36

 Senate Passes Biden-McCarthy Debt Ceiling Bill 63-36

Credit: CSPAN

The Senate on Thursday night approved the debt ceiling bill “negotiated” by Speaker Kevin McCarthy and Joe Biden.

The vote tally was 63-36.

NEWS: 63-36, Senate gives final approval of a bill to suspend the debt limit until January 2025, ending a tense several weeks in Washington and a bitter partisan standoff that ultimately ended with a McCarthy-Biden deal that faced bipartisan support and opposition in both houses.

— Manu Raju (@mkraju) June 2, 2023

The bill now goes to Biden’s desk and he will sign it into law.

As TGP’s Kristinn Taylor previously reported, Rep. Nancy Mace (R-SC) laid out the brutal truth on the debt ceiling bill in an epic Twitter thread Tuesday. She succinctly explained why “Republicans got outsmarted by a President who can’t find his pants”

For the complete thread on Twitter, click on this tweet:

Washington is broken.

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.

— Rep. Nancy Mace (@RepNancyMace) May 30, 2023

Here are the most relevant observations from Mace:

This “deal” normalizes record high spending started during the pandemic. It sets these historically high spending levels as the baseline for all future spending. The bill then grows govt even more each year at about ~1%.

This deal keeps that record high spending intact and makes it the baseline for all spending

The bill doesn’t actually set a debt limit. Rather it suspends the debt limit entirely until Jan. 2, 2025 and there is no actual amount capping the debt ceiling.

They tell us this bill cuts $41b in its first year; about the same amount as the unspent COVID funds. Pretty convenient. Also not a cut.

A $1.4b cut to the IRS doesn’t equal $80b in cuts to the IRS. Nor does it mean we are “gutting” the IRS or its 87k new hires. Allegedly there will be $10b cut off top for 2024 during the approps process. But it’s also not in bill. That money can be cut anywhere the IRS decides.

Work requirements for SNAP moved from age 50 to 54 and student loan forgiveness EO repeal never happened. Not sure why anyone even bothered here.

Manchin’s carve out for his pipeline is not germane to the bill. This is just your run of the mill govt picking winners and losers in the market and business as usual in Washington.

Fully funds every spending request by the Administration (pretty much).

Arguably the

Source: The Gateway Pundit

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