For months, President Biden has refused to negotiate on the debt limit with Republican House Speaker Kevin McCarthy.
Now, Manchin is pressuring Biden to finally start negotiations.
According to The Washington Examiner, America is facing a historic economic crisis brought on by an abject failure to address our exploding national debt, chronic inflation, a looming recession, and the more immediate need to raise the debt ceiling, Manchin said in a statement on Thursday.
Manchin said that it was time for the political games to end. He was quick to point out that its been over two months since the last time President Biden met with McCarthy. Then, Manchin called out President Biden by saying that refusing to sit down with other leaders is a failure of leadership, and the time to address this crisis is long overdue.
McCarthy is calling for a $1.5 trillion debt increase that will be in effect until March 2024. Hes already announced the proposal and wants lawmakers to vote on legislation within the coming week.
Manchin says he agrees with the increase but doesnt agree with everything in the proposal. Biden met with McCarthy in January, but the meeting did not have positive results. Instead, the two leaders could not agree, leading to the current stalemate.
While Democrats may not agree with everything in McCarthys proposal, the only thing happening in Congress will stop the default. According to The Hill, McCarthy says his plan would reduce the deficit by an estimated $4.5 trillion over 10 years by capping discretionary spending at fiscal 2022 levels, canceling Bidens student debt-relief plan, and reclaiming unspent COVID-19 relief funds. It would also roll back several aspects of the Democrats signature Inflation Reduction Act.
However, Senate Democrats are already against the proposal. They have dubbed it a MAGA wish list and say it cannot pass the Senate. While it might not pass, we have yet to see Democrat leaders, such as President Biden, make the moves necessary to address the situation. While the proposal might not pass, it does open the door for negotiations.
Many leaders are concerned about the current situation. If the debt ceiling stays the same, the government will default. Although no one knows when the government will default, it is expected to happen this summer.
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