WASHINGTON, D.C. – Two years of reckless spending by President Biden and Washington Democrats has led to the highest spike in prices and the fastest increase in interest rates in 40 years, stoking America’s current debt crisis, said House Ways and Means Committee Chairman Jason Smith (MO-08) to Fox Business’s Maria Bartiromo on Thursday morning. In order to address the debt limit, President Biden needs to come to the table and negotiate with Republicans. Failure to do so simply means President Biden is scheduling America’s next debt crisis, Smith added.
President Biden’s repeated fearmongering over the debt limit is an orchestrated distraction by Democrats hoping to avoid talking about inflation and rising interest rates.
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The White House is fearmongering over the debt limit to distract from their economic record.
“You have all this fearmongering coming in from the White House to try to distract from the real issue at hand.
“The president needs to come to the table and talk to Speaker McCarthy and House Republicans to address the debt crisis that’s approaching.
“We have this debt crisis because President Biden and the House Democrats and the Senate Democrats for the last two years, have increased federal spending by $10 trillion.
“That’s led to the highest spike in prices in 40 years and the fastest rising interest rates in 40 years.
“They’re trying to distract from that to try to fearmonger all Americans that Republicans are going to do something that we’re absolutely not going to do.”
President Biden and Democrats need to come to the table with Republicans and restore fiscal sanity in Washington.
“Republicans will not default on our debt, Maria. That’s why we are asking President Biden and Chuck Schumer to come to the table right now, so we’re not waiting until June.
“Let’s take care of the problem now. We need to address the fiscal insanity that’s happening in Washington. And if we don’t, we’re just postponing the next debt crisis. We have to get our house in order — have President Biden come to the table. He did this when he was Vice President of United States. They had the big spending caps agreement in 2011.
“Let’s get some kind of agreement. Let’s work together. Let’s not just keep playing the political games.”
Ways and Means Republicans are delivering on a commitment to hold the IRS accountable.
“…We’re going to have aggressive oversight over this Administration. In fact, yesterday I set up a whistleblower hotline for the IRS. Because any employee of the IRS that thinks that the Ways and Means committee should look at something that’s not exactly right, maybe they’ll be able to tell us and we can uncover that. We’re going to be quite aggressive in that.”