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Rand Paul Scorches ‘Biden-McCarthy’ Debt Plan

[Screenshot Fox Business]

Brianna Lyman News and Commentary Writer
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Kentucky Republican Sen. Rand Paul scorched the debt ceiling deal that was passed Wednesday night as not being conservative enough.

The House passed the Fiscal Responsibility Act, raising the debt ceiling through January 2025. The legislation, negotiated by Speaker Kevin McCarthy and President Joe Biden, allows an unlimited amount of spending through its expiration.

Paul ripped the legislation as not holding the government fiscally responsible while on Fox Business.

“There’s nothing conservative about the Biden-McCarthy plan. It allows unlimited borrowing for two years, beyond the next presidential election. They can spend as much money as they can possibly spend, borrow as much money as they want, no limits on borrowing for two years. Nothing conservative about that,” Paul said. “Nothing they can say about it makes that amount of borrowing conservative. (RELATED: Rep. Ken Buck Threatens To Remove McCarthy)

Paul explained his proposal which would balance the budget over the next five years with a 5% cut each year for five years until the budget is balanced. His plan would introduce caps on spending, and if an administration wants to exceed them, they’d have to come back and negotiate with Congress.

“The big mistake of the Biden-McCarthy deal is there’ll be more negotiation. For the next two years, they’ll just shuffle the money out and nobody will talk about fiscal responsibility for two years.”

Paul did acknowledge that his amendment will not pass due to party lines but that he has a responsibility to present it nonetheless.

The Fiscal Responsibility Act received the support of 165 Democrats and 149 Republicans. Meanwhile, 71 Republicans and 46 Democrats opposed it.