Manchin Calls for Bipartisan Deal on Debt Limit
Congressional Republicans have been at loggerheads with Democrats to raise it
Today, Sen. Joe Manchin (D-WV) called for a bipartisan deal to raise the debt limit this spring to avoid a looming financial crisis.
Congressional Republicans have been at loggerheads with Democrats and President Biden over raising the debt limit, with Republicans wanting major spending cuts included as part of any deal and the White House preferring a clean deal to prevent the nation from defaulting on its debts.
The Treasury Department has already initiated a series of technical moves known as “extraordinary measures” to avoid a potentially disastrous default on the nation’s debt. These moves are expected to hold the government over at least early June.
“My Democratic friends don’t want to say a word about our out-of-control spending and are outright refusing to even talk to Republicans about reasonable, responsible reforms,” Manchin said in a floor speech today. “So, today, I am asking all of you to join me in calling for an honest budget, without the accounting gimmicks and tricks; a short-term deal to bring down our out-of-control spending right now, this year; and a plan to deal with our longer-term fiscal challenges.”
Manchin said he would not stand in the way of a clean debt limit bill and he agreed with Biden that Congress should not “hold anything hostage.”
“We’re going to pay for the sins of the past,” Manchin said. “The problem is we’re going to continue to repeat them if we don’t have an agreement to at least talk about it.”
This article was provided to OSAP by ASAE's Power of Associations and Inroads.