Republican South Carolina Sen. Tim Scott, the only member of Congress currently running for president, said Wednesday that he will oppose legislation that will lift the debt ceiling into 2025.
“The short answer is no,” Scott said in an interview with Axios’ Sophia Cai. “The long answer is, when I think about what’s in the deal, I find that two things are really important. Number one, I think Kevin did a really good job of figuring out how to negotiate with someone who did not want to negotiate.”
“The question I ask myself is, at the end of the negotiation, is it in our best interest as a nation to allow Joe Biden, someone we can not trust on spending, to have an open checkbook, no limit on the credit card until the end of his term? And my answer is no. So the fact that the current deal allows for him to continue to spend however much he does, with no limit, is something I can’t support,” he continued.
.@votetimscott when asked whether he would vote to raise the debt ceiling: “The short answer is no.” pic.twitter.com/yfqEUAfXwf
— Axios (@axios) May 31, 2023
While fellow declared candidates Nikki Haley and Ron DeSantis have already spoken out against the Fiscal Responsibility Act, Scott is the only candidate who actually will vote on the agreement. (RELATED: Key House Committee Advances Debt Ceiling Bill Despite Freedom Caucus Revolt)
The full House of Representatives will vote on the Fiscal Responsibility Act Wednesday night, and it is expected to pass with bipartisan support. The bill suspends the debt ceiling through Jan. 1, 2025 and does not include a dollar amount by which the limit is raised. It also includes permitting reform and work requirements for food stamps.
Treasury Secretary Janet Yellen estimates that the U.S. will default on June 5 if Congress does not raise the debt ceiling. Due to Senate procedures, any one senator can force a series of extended procedural votes. Republican Kentucky Sen. Rand Paul is demanding that the upper chamber consider an amendment that would raise the debt ceiling by $500 billion and cut $545 billion in federal spending over a two-year period.