(FreedomBeacon.com)- 19FortyFive reports that House Speaker Kevin McCarthy (R-CA) has requested a meeting with President Joe Biden to discuss potential solutions to the United States debt crisis. The stakes in the negotiations over the debt limit are high, as the basic existence of the American economy is at risk.
President Biden and the more liberal wing of the Democratic Party want to enact an absurd $6.8 trillion spending package, while a small group of Republicans has taken control of the party and is demanding deep changes to social services.
After much infighting over the speaker role, McCarthy is not respected by some of his members, so he has no authority to keep them in line. The Democrats believe that negotiating with McCarthy is pointless. Most think they won’t be responsible for the economic impact of failing to increase the debt limit, so they have little reason to sit down and discuss how to avert a default on the national debt.
Most Americans favor a strong central government, and over three-quarters of voters think Congress and President Biden should reach a middle ground on the debt limit. However, Republicans are using the debt limit as a club to compel cutbacks the Democrats don’t favor, which could lead to a catastrophic collapse of the economy and a disastrous outcome for the next presidential election.
The Republican Party is blamed for the delay of the debt limit vote, but the consequences of this action are underestimated by many. If the United States defaults on its debt for the first time, the global market will punish the nation by severely devaluing the currency and sending interest rates through the roof.
The Biden administration is attempting to avoid raising the debt limit until after the 2024 election to turn the American people against the Republican Party. This would cause payments from social programs on which people rely to be halted, and millions of regular, hardworking Americans would lose a significant portion of their pensions.
Voters in the United States tend to see Democrats as compassionate spenders and Republicans as ruthless misers. If previous elections are any indication, enough Americans will be disgusted with the Republican Party and refuse to vote for the Republican nominee for president in 2024 due to the economy’s collapse.