by ZeroHedge News Staff at ZeroHedge
Update (1345ET): The hits just keep coming for Speaker Kevin McCarthy, as angry Republicans have been outright rejecting the debt ceiling deal which raises it by roughly $4 trillion for two years, doesn’t provide sticking points sought by the GOP.
In short, Kevin caved according to his detractors.
Why are you boasting about fake cuts which will just be used by Dems against Republicans in 2024?
I mean… If you are getting real cuts, then ok you are putting country over party. But this is clown stuff. FY2023 is 45% above pre-CLVID's budget and in sum "freezes" in place.
— Yossi Gestetner (@YossiGestetner) May 28, 2023
No!
— #NeverForget911 (@TweepleBug) May 28, 2023
4) Charm offensive.
McCarthy can hardly speak without lavishing Shalanda Young and Steve Ricchetti with praise. pic.twitter.com/8tdP72OE4X
— Jake Sherman (@JakeSherman) May 23, 2023
someone should come up with a saying for that https://t.co/NkdPJkebxD
— Michael Malice (@michaelmalice) May 28, 2023
With Republicans like these, who needs Democrats? https://t.co/EFpSkh2N8q
— Mike Lee (@BasedMikeLee) May 28, 2023
“McCarthy called the deal a ‘big win,’ claiming Democrats didn’t get “one thing” that they wanted out of the negotiations.”
… except increasing debt another $4 trillion …
… and to bear no responsibility for it in the 2024 election season.
Except for those little things. pic.twitter.com/MmG3LNuAnr
— Rep. Dan Bishop (@RepDanBishop) May 28, 2023
Some Democrats aren’t exactly pleased either.
“None of the things in the bill are Democratic priorities,” Rep. Jim Himes (D-CT) told Fox News Sunday. “That’s not a surprise, given that we’re now in the minority. But the obvious point here, and the speaker didn’t say this, the reason it may have some traction with some Democrats is that it’s a very small bill.”
* * *
After President Biden and House Speaker Kevin McCarthy (R-CA) struck a Saturday night deal to raise the debt ceiling, several Republicans outright rejected it before it could even be codified into a bill.
Here’s what’s in it;
- The deal raises the debt ceiling by roughly $4 trillion for two years, and is consistent with the structure of budget deals struck in 2015, 2018 and 2019 which simultaneously raised the debt limit.
- According to a GOP one-pager on the deal, it includes a rollback of non-defense discretionary spending to FY2022 levels, while capping topline federal spending to 1% annual growth for six years.
- After 2025 there are no budget caps, only “non-enforceable appropriations targets.”
- Defense spending would be in-line with what Biden requested in his 2024 budget proposal – roughly $900 billion.
- The deal fully funds medical care for veterans, including the Toxic Exposure Fund through the bipartisan PACT Act.
- The agreement increases the age for which food stamp recipients must seek work to be eligible, from 49 to 54, but also includes reforms to expand who is eligible.
- Claws back “tens of billions” in unspent COVID-19 funds
- Cuts IRS funding ‘without nixing the full $80 billion’ approved last year. According to the GOP, the deal will “nix the total FY23 staffing funding request for new IRS agents.”
- The deal includes energy permitting reform demanded by Republicans and Sen. Joe Manchin (D-WV)
- No new taxes, according to McCarthy.
Here’s McCarthy acting like it’s not DOA:…
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