Biden Signs Debt Ceiling Increase, Avoiding Potential Default on National Debt

The Senate on Thursday night approved the debt ceiling bill “negotiated” by Speaker Kevin McCarthy and Joe Biden.

The vote tally was 63-36.

46 Democrats rubberstamped the bill along with 17 GOP sellouts. 30 Republicans stood with We the People along with 6 Democrats.

Here is the full vote breakdown:

On Saturday, Joe Biden signed the ‘uniparty’ bill authorizing a debt ceiling increase. This action successfully raises the government’s borrowing limit, averting the looming threat of a potential default on the national debt until 2025.

“I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans,” Biden said.

“Now, we continue the work of building the strongest economy in the world,” he added.

I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans.

Now, we continue the work of building the strongest… pic.twitter.com/42HIFBy8Y9

— President Biden (@POTUS) June 3, 2023

As TGP’s Kristinn Taylor previously reported, Rep. Nancy Mace (R-SC) laid out the brutal truth on the debt ceiling bill in an epic Twitter thread Tuesday. She succinctly explained why “Republicans got outsmarted by a President who can’t find his pants.”

Here are the most relevant observations from Mace:

This “deal” normalizes record high spending started during the pandemic. It sets these historically high spending levels as the baseline for all future spending. The bill then grows govt even more each year at about ~1%.

This deal keeps that record high spending intact and makes it the baseline for all spending

The bill doesn’t actually set a debt limit. Rather it suspends the debt limit entirely until Jan. 2, 2025 and there is no actual amount capping the debt ceiling.

They tell us this bill cuts $41b in its first year; about the same amount as the unspent COVID funds. Pretty convenient. Also not a cut.

A $1.4b cut to the IRS doesn’t equal $80b in cuts to the IRS. Nor does it mean we are “gutting” the IRS or its 87k new hires. Allegedly there will be $10b cut off top for 2024 during the approps process. But it’s also not in bill. That money can be cut anywhere the IRS decides.

Work requirements for SNAP moved from age 50 to 54 and student loan forgiveness EO repeal never happened. Not sure why anyone even bothered here.

Manchin’s carve out for his pipeline is not germane to the bill. This is just your run of the mill govt picking winners and losers in the market and business as usual in Washington.

Fully funds every spending request by the Administration (pretty much).

Arguably the worst part of the “Fiscal Responsibility Act” is the funding for the IRS agents. As Jim Hoft notes, nearly 87,000 new IRS thugs hired by the Biden regime will still be able to bully working-class Americans and conservative groups thanks to the House’s surrender.

The so-called “Inflation Reduction Act” previously gave $79.6 billion to the IRS over the next 10 years.

The Gateway Pundit previously reported that House Freedom Caucus Chairman Scott Perry left open the possibility of filing a motion to vacate and get rid of McCarthy if the Speaker pushes through the debt deal. One member has already signaled his support.

Under new House rules, it only takes one member of Congress, from either party, to bring a “motion to vacate” which forces a vote on removing the Speaker of the House.

It would only take a simple majority vote to remove McCarthy.

Let’s hope conservatives have the courage to pull the trigger on the motion to vacate and hold McCarthy accountable.

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