Sen. Rand Paul, R-Ky., introduced legislation Tuesday providing an alternative to House Speaker Kevin McCarthy and President Biden's debt limit deal.
The debt ceiling will be increased by just $500 billion, requiring Congress to act in the near future to address America's debt problem with a more lasting solution. The bill would also require automatic budget cuts to be imposed every year.
In addition, 65 percent of Americans say that Congress should only raise the nation's debt ceiling if it reduces spending at the same time. In a statement, Paul said, the Americans answering that poll meant real cuts in spending, not an annual increase of one percent above already bloated levels of COVID-19 spending.
Bold actions must be taken to defeat our mounting national debt, and my conservative alternative to the Biden-McCarthy deal gives us a real opportunity to get our fiscal house in order, he said.
McCarthy and Biden unveiled details of their agreement this weekend, and many other conservative members of the GOP have expressed frustration with the bill.
In the Senate, I will use all powers available to me to have amendment votes to undo this catastrophe for defense, Graham said. I support raising the debt limit for 90 days to give us a chance to correct this disaster for defense. I have total disgust for political leaders decision to make it remotely possible to gut our national security apparatus at a time of great peril. He added that ''It's an absurd idea to take this ridiculous idea off the table.
The U.S. will default on its debt for the first time in history, as Congress has less than a week to come to an agreement on a budget deal.