Raising the $31.4 trillion U.S. debt ceiling would give President Joe Biden an "open checkbook," says Sen. Tim Scott, R-S.C.
"Is it in our best interest as a nation to allow Joe Biden, someone who we cannot trust on spending, to have an open checkbook ... until the end of his term?" Scott said Wednesday during an Axios News Shapers event.
"The fact that the current deal allows for him to continue to spend, however much he does with no limit, is something that I can't support," he added.
Scott, though, praised House Speaker Kevin McCarthy’s "ability to negotiate" the plan.
"[McCarthy] did a good job of figuring out how to negotiate with someone who did not want to negotiate," said the 2024 GOP presidential candidate.
The House is set to vote Wednesday on the debt limit bill, less than a week before the Treasury Department could run out of funds to pay its debts for the first time in U.S. history.
The Senate would need to pass the bill before it can be sent to Biden to be signed into law.
McCarthy, R-Calif., told reporters he isn’t worried about losing his gavel over the deal.
"If someone thinks that they have the right to do it, call the motion. But I think if you look at what we've been able to accomplish together through this, we've been more successful," he said when asked about mounting calls from conservatives to oust him.
The bill would suspend the U.S. debt limit through Jan. 1, 2025, allowing Biden and lawmakers to set aside the politically risky issue until after the November, 2024, presidential election.
It would also cap some government spending over the next two years, speed up the permitting process for some energy projects, claw back unused COVID-19 funds, and introduce work requirements for food aid programs for some Americans.
In another win for Republicans, it would shift some funding away from the Internal Revenue Service, although the White House says that should not undercut tax enforcement.
Information from Reuters was used in this report.
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
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