Connect with us

Hi, what are you looking for?

Latest News

Biden brushes off Republicans’ defense spending concerns over debt ceiling deal, suggests deal could be made

President Joe Biden on Monday responded to Republican criticism of the defense spending included in the deal he reached with House Speaker Kevin McCarthy over the weekend to avert a potentially catastrophic default in the nation’s debt.

Speaking with reporters on the South Lawn of the White House as he departed for Delaware, Biden brushed off the concerns and suggested that if any further defense spending was needed, he had ‘no doubt’ it would have bipartisan approval.

‘Look, whatever the fighting force needs, if there’s another – first of all, they’ve passed my budget. What I asked for in defense, they passed it. Obviously if there’s any existential need for additional funding, I have no doubt we’d be able to get it because we’d jointly do it,’ Biden said when questioned about Republicans’ complaints.

Biden’s comments come as Republican rhetoric continues to heat up over concern about the defense budget included in the agreement. Earlier on Monday, Sen. Lindsey Graham, R-S.C., vowed he would do everything within his power to ‘undo’ the bipartisan debt ceiling bill and the ‘disaster’ he said it would be for America’s defense.

‘I will use all powers available to me in the Senate to have amendment votes to undo this catastrophe for defense,’ Graham wrote on Twitter. ‘I support raising the debt limit for 90 days to give us a chance to correct this disaster for defense.’

‘Have total disgust for political leaders’ decision to make it remotely possible to gut our national security apparatus at a time of great peril. Take this absurd idea off the table,’ he added.

Biden and McCarthy reached an agreement on the debt ceiling late Sunday, just days ahead of the expected June 5 deadline to avoid a debt default. They released the House version of the bill later in the evening.

The deal includes a 3% rise in defense spending next year, less than the current annual inflation rate of more than 4%. It would also keep nondefense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, as well as provide for a 2-year debt-limit increase.

The House Rules Committee will meet at 3 p.m. on Tuesday to prepare the debt ceiling bill for a debate on the floor Wednesday.

Fox News’ Danielle Wallace, Chad Pergram and Bradford Betz contributed to this report.

This post appeared first on FOX NEWS

You May Also Like

Economy

BlockSpan ICO: Accelerating NFT Innovation with Confidence The BlockSpan ICO aims to revolutionize the NFT space. To achieve that goal, it will provide an...

Investing

ZIM Integrated (NYSE: ZIM) stock price has crashed hard after the company canceled its dividend as the shipping industry recoils. The shares plunged to...

Stock

On this week’s edition of Stock Talk with Joe Rabil, Joe features special guest, Bruce Fraser of Power Charting. Joe and Bruce discuss swing...

Investing

IDS share price has suffered a big reversal in the past few days as demand for the stock drops. Shares of Royal Mail’s parent...



Disclaimer: Frequencytraders.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 Frequencytraders.com