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IPFS News Link • Veterans and Veterans Affairs

House Passes Debt Limit Bill, Setting Stage For Showdown

•, by Tyler Durden

Update (1935ET): In response to today's passing of the House GOP debt ceiling solution, the White House issued a statement claiming that the bill "cuts veterans' health care, education, Meals on Wheels, and public safety, takes away health care from millions of Americans, and sends manufacturing jobs overseas while they fight to extend the Trump tax cuts for the wealthiest and profitable corporations."


President Biden will never force middle class and working families to bear the burden of tax cuts for the wealthiest, as this bill does.  The President has made clear this bill has no chance of becoming law.

In our history, we have never defaulted on our debt or failed to pay our bills.  Congressional Republicans must act immediately and without conditions to avoid default and ensure that the full faith and credit of the United States is not put at risk.  That is their job. Economists have warned that default could spark a dangerous financial crisis, lead to a recession costing millions of Americans their jobs, endanger hard-working Americans' retirement savings, and increase long-term federal borrowing costs, adding to deficits and debt.  We are not a deadbeat nation. As President Reagan said: "The United States has a special responsibility to itself and the world to meet its obligations.  It means we have a well-earned reputation for reliability and credibility — two things that set us apart in much of the world." We pay our bills. Congressional Republicans must do that again now and act to avoid default.

How long have they had that statement ready to go?

Update (1850ET): House Republicans on Wednesday narrowly passed their bill to raise the debt ceiling, while cutting spending and dismantling several items in President Biden's domestic agenda.