Biden Admits He Is Defeated On Debt Ceiling

Leaders of the Democratic Party have pushed their colleagues to vote “yes” while acknowledging certain defeats in the debt limit discussions.

Former House Majority Leader Steny Hoyer (D-MD) reportedly urged his colleagues to vote “yes” in spite of some of their reservations, according to Congressional reporter Max Cohen.

“Despite these defeats, we must prevent Republicans’ reckless and extremist ideas to inflict a disastrous default from harming the American economy. Failure in doing so would have disastrous effects on each and every family in America as well as the world economy,” according to Hoyer.

“We cannot permit the American people to bear the severe costs of the Republican Party’s incapacity and refusal to lead. To stop this unnecessary economic instability, I, therefore, urge my colleagues to approve this compromise measure with me,” he continued.

Republican House Speaker Kevin McCarthy reportedly made some significant concessions on the debt ceiling agreement, according to Breitbart News.

“Republicans are prepared to bring about significant, consequential change in Washington. When the package was announced,” the current House Speaker, Kevin McCarthy, stated, “We will be voting for a responsible debt ceiling agreement very soon that prevents Democrats’ careless spending, claws back unused COVID funds, eliminates Biden’s new tax schemes, & a great deal more.”

“The debt ceiling agreement is a significant win for Speaker McCarthy and the House Republicans. No one would have thought it feasible to reduce spending, reinstate job requirements, change permits for energy and infrastructure, and more before they enacted their history-altering law,” said former House Speaker Newt Gingrich.

Republicans have voiced alarm about some provisions of the package, namely military expenditure, including Sen. Lindsey Graham (SC).

“I admire Kevin McCarthy. I would like the debt limit raised. Not doing that would be negligent. I want financial restraint. I want the IRS to be smaller. I want to recover the COVID funds that were not utilized. And although I understand that perfection is impossible, I will not embrace the Biden military budget and declare it to be a success,” Graham stated on Fox News.

“The defense is adequately financed, according to Kevin. The Biden military budget raises defense expenditure at a rate that is below inflation. 3.2 percent growth is less than inflation. The Biden military budget lowers the Navy from 298 ships down to 291, at a period when China is increasing their navy by nearly a third,” he continued.