President Joe Biden will veto House Speaker Kevin McCarthy‘s (R-CA) debt limit bill, should it pass both chambers of Congress.
Biden’s Office of Management and Budget released a Statement of Administration Policy Tuesday morning indicating that the administration “strongly opposes the Limit, Save, Grow Act of 2023, which is a reckless attempt to extract extreme concessions as a condition for the United States simply paying the bills it has already incurred.”
“The President has been clear that he will not accept such attempts at hostage-taking. House Republicans must take default off the table and address the debt limit without demands and conditions, just as the Congress did three times during the prior Administration,” the statement continued. “The bill stands in stark contrast to the President’s vision for the economy. The President’s Budget invests in America, lowers costs for families, grows the economy, and reduces the deficit by nearly $3 trillion by asking the wealthy and large corporations to pay their fair share. Therefore, if the President were presented with the Limit, Save, Grow Act of 2023, he would veto it.”
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This is a developing story and will be updated with new information as it becomes available.
