Ted Cruz (R – TX) appeared with Maria Bartiromo on Fox News Sunday to criticize President Biden for his unwillingness to negotiate over the recent budget proposal of the House Republicans that address the debt limit. The “Limit, Save, Grow” Act would increase the debt ceiling by $1.5 trillion while reducing spending to the levels of FY 2022.
Cruz stated that “the contrast could not have been starker”. “The Republicans are responsible in the House and Joe Biden… What is he saying?” He is saying “I won’t talk, I won’t negotiate, I won’t give in to anything, anyways.”
Cruz said that Republicans were willing to compromise, but Biden was unmovable.
Joe Biden is playing roulette. Joe Biden must stop gambling with the American economy, and the American credit limit,” said he.
“He doesn’t wish to say that.” Why? He wants to incite fear. He wants to scare equity markets. He wants to scare bond markets. What he’s doing now is irresponsible.
Joe Biden needs to stop playing roulette with the American economy.
Biden needs to stop fear-mongering. pic.twitter.com/lDFXBavmsk
— Senator Ted Cruz (@SenTedCruz) April 30, 2023
We have previously reported what the actual “Limit, Save, Grow” Act is that House Speaker Kevin McCarthy, R-CA, narrowly managed to whip up enough votes for:
The bill includes provisions such as very reasonable work requirements in Medicaid, the halting of federal expenditures at levels of 2022, and the repeal of money used to increase the IRS workforce. The bill also cuts the green energy tax credits that were passed by the Inflation Reduction Act. The bill would reduce the deficit by $4.8 trillion in 10 years.
McCarthy expressed last week similar views about Biden to Cruz, saying:
There are challenges in this country and around the globe. He should show leadership by coming to the table to negotiate, instead of forcing us into default. It’s risky what he is doing.
He is a threat to the markets. …
It goes against the very foundation of America, which was that hard work can lead to success. That’s what makes a difference. Come to the table and negotiate. Do what’s right.
The Biden White House claimed the Republican plan to responsibly lift the debt ceiling would “literally melt bones.”
Get serious.
Our plan claws back billions in unspent COVID money & limits spending levels to what they were just 4 months ago. It’s not radical—it’s responsible. pic.twitter.com/PffAwxiTpV
— Kevin McCarthy (@SpeakerMcCarthy) April 29, 2023
Cruz praised House Republicans’ budget efforts
“They have shown bold leadership. The conference was brought together by them… They have a very small majority in the House, but the House still came together. House conservatives were actively involved in the drafting of this bill …”, he added, adding that it targets runaway spending, regulations, and job-killing policy currently plaguing the nation.
This bill is a test of responsibility.
Biden has threatened a veto if the bill ever reaches his desk.
A default in the United States would have disastrous consequences. The National Conference for State Legislators describes some possible consequences if something unthinkable happened:
The U.S. federal government would not be able to create any more debt by issuing new bonds. This would stop the flow of funds. The idea of minting a trillion-dollar coin is only theoretical. In a real sense, Social Security payments and federal pensions could stop. Federal agencies might furlough their employees. Vital economic services like the Post Office, Transportation Security Administration (TSA), U.S. Customs, and Federal Aviation Administration may cease to exist without an emergency measure from Congress and the President.
If a family doesn’t earn enough to pay their bills, then they cut back on spending. Biden must wake up to the fact that he is doing this before he drives our economy down a steep cliff.
