{"id":20145,"date":"2023-04-23T19:11:23","date_gmt":"2023-04-23T19:11:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/republicans-seek-to-repeal-bidens-inflation-reduction-act-in-exchange-for-raising-us-debt-limit-economics-bitcoin-news\/"},"modified":"2023-04-23T19:11:23","modified_gmt":"2023-04-23T19:11:23","slug":"republicans-seek-to-repeal-bidens-inflation-reduction-act-in-exchange-for-raising-us-debt-limit-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/republicans-seek-to-repeal-bidens-inflation-reduction-act-in-exchange-for-raising-us-debt-limit-economics-bitcoin-news\/","title":{"rendered":"Republicans Seek to Repeal Biden\u2019s Inflation Reduction Act in Exchange for Raising US Debt Limit \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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There has been a lot of commentary concerning the U.S. raising its debt limit, as Treasury secretary Janet Yellen said last month that a U.S. default would be \u201cdevastating,\u201d and European Central Bank president Christine Lagarde warned it would be a \u201cmajor disaster\u201d if the U.S. defaulted on its obligations. It now appears that Republican politicians are willing to raise the country\u2019s debt limit, but only if fellow lawmakers repeal the mandates on green energy and climate change in the Inflation Reduction Act.<\/strong><\/p>\n

Debate Over Inflation Reduction Act Heats Up as Debt Ceiling Deadline Approaches<\/h2>\n

This weekend, there is a great deal of discussion regarding repealing several measures installed in the Biden administration\u2019s Inflation Reduction Act. Republicans, led by House speaker Kevin McCarthy (R-CA), are looking to gut<\/a> the Inflation Reduction Act, and in return, they would be willing to raise the debt ceiling. On Wednesday, McCarthy said<\/a> that the repeals would \u201cend the green giveaways for companies that distort the market and waste taxpayers\u2019 money.\u201d<\/p>\n

\"Republicans<\/p>\n

McCarthy is not the only lawmaker proposing to repeal the Inflation Reduction Act. Congressman Andy Ogles (R-TN) introduced legislation<\/a> in February aimed at \u201crepealing the Democrats\u2019 record spending.\u201d \u201cPresident Biden and his House Democrat colleagues shoved through countless spending measures to further their woke \u2018green agenda,’\u201d Ogles said at the time. There were complaints against the Inflation Reduction Act before it was passed, with 230 economists sending a letter<\/a> to the country\u2019s House and Senate leaders explaining that the act would fuel inflation.<\/p>\n

\"Republicans<\/p>\n

After McCarthy and the House Republicans\u2019 plan was made public, White House deputy press secretary Andrew Bates said<\/a> in a memo that Republicans want to \u201ckill over 100,000 manufacturing jobs.\u201d Biden took to Twitter on Sunday to complain about the repeal discussion. \u201cRepealing the Inflation Reduction Act would mean doing nothing about the increasing ferocity of natural disasters, taking away clean-energy jobs, and turning your back on families living in towns poisoned by pollution,\u201d Biden tweeted<\/a>. \u201cFolks, we can\u2019t let that happen.\u201d<\/p>\n

Biden\u2019s tweet was met with a lot of opposition. One individual replied<\/a> to the U.S. president by saying the Inflation Reduction Act \u201chad nothing to do with inflation and everything to do with increasing climate alarmism and feeding cash into the climate industry.\u201d Another person wrote<\/a>, \u201cIn other words, you lied to Americans about what the \u2018Inflation Reduction Act\u2019 does. Now, you\u2019re lying about what it can do. Why say anything? It\u2019s all lies.\u201d Another individual criticized<\/a> the U.S. president for not visiting East Palestine, Ohio after the major train derailment disaster.<\/p>\n

The U.S. is expected to default on its obligations with private investors, foreign businesses, and other nation-states by the end of the summer if the debt limit is not raised. ECB President Christine Lagarde said<\/a> last week she was confident the U.S. would not let this happen as it would be a \u201cmajor disaster.\u201d The United States has accumulated more than $31 trillion in debt. Last month, after the collapse of three major banks in the U.S., Treasury Secretary Janet Yellen insisted<\/a> that a debt limit breach would be \u201cdevastating\u201d for American banks.<\/p>\n

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Biden Administration<\/a>, Christine Lagarde<\/a>, climate change<\/a>, Default<\/a>, ECB<\/a>, Economy<\/a>, Financial Crisis<\/a>, GREEN Energy<\/a>, Inflation Reduction<\/a>, Inflation Reduction Act<\/a>, Janet Yellen<\/a>, kevin mccarthy<\/a>, Republicans<\/a>, U.S. debt limit<\/a><\/div>\n<\/div>\n

What do you think should be done to address the United States\u2019 mounting debt and prevent a default on its obligations? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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