An agreement must be reached between the White House and House Republicans on the debt ceiling, and steps must be reached during Tuesday's meeting between President Joe Biden and House Speaker Kevin McCarthy, R-Calif., Rep. Dan Meuser told Newsmax.
"We've got [Treasury Secretary] Janet Yellen telling us June 1, we're basically out of our emergency funding, so we do need cooperation," the Pennsylvania Republican said on Newsmax's "Wake Up America."
He noted that the administration and Democrats in Congress spent an excess of $2.8 trillion in 2021, $1.5 trillion in excess in 2022, and this year, it will be another $1.6 trillion.
"Next year, it's projected to be higher," Meuser said. "In the meantime, they're saying to the American people, Give us a blank check."
Former Rep. Barney Frank, also appearing on Newsmax Tuesday, earlier in the show argued that Congress is in charge of the budget, so the blank check argument isn't valid.
But Meuser pointed out that under Biden, there have been executive orders that have resulted in even more spending, including a half-billion dollars in student loan forgiveness alone.
"The service on the debt has gone from $175 billion last year to $580 billion [this year], just the service on the debt, so there's a big flaw in their vision of their modern monetary theory," he said. "It's got a huge problem to it, and it will greatly damage the U.S. as the reserve currency."
The excessive spending, he added, caused inflation, which also caused interest rate increases, said Meuser.
"We have a debt ceiling that needs to be resolved," he said. "Another political problem is they're not going to pass a clean debt ceiling in the House … we submitted [the bill] Limit, Save, Grow as a solution. Now will that be compromised? I imagine so within the Senate, but they've got to be very careful.
"We won. We have the majority. We got to set the budget moving forward. We will pass that ceiling but with most of what we want in our budget moving forward."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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