BREAKING NEWS: White House says Biden will veto Republican debt reduction bill
Fox News senior congressional correspondent Chad Pergram has the latest on House Speaker Kevin McCarthy's plans to raise the debt ceiling and trim government spending.
"The Congress has a solemn obligation to prevent default and ensure that the United States meets its obligations," the statement of administration policy said."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 White House accused House Republicans of proposing an"irresponsible" measure that would have"hard-working Americans""shoulder the burden of devastating cuts, while doing nothing to ensure that wealthy or large corporations pay their fair share." "Altogether, this legislation would not only risk default, recession, widespread job loss, and years of higher interest rates, but also make devastating cuts to programs that hard-working Americans and the middle-class count on," the statement reads.
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