As a deal hashed out between President Joe Biden and House Speaker Kevin McCarthy (R-CA) to avoid a U.S. debt default makes its way through Congress, several Republican senators have already come out against the bill, saying that it does not go far enough to cut spending.
Those opposed to the deal, known as the Fiscal Responsibility Act, include Sen. Rand Paul (R-KY), Sen. Ted Cruz (R-TX), Sen. Josh Hawley (R-MO), and Sen. Mike Lee (R-UT), while others have expressed concerns about the bill in its current form.
“I think the Biden-McCarthy debt deal is a disaster for the country. It does not significantly change the trajectory of the debt. Each year we’ll spend more money and the debt will grow $4 trillion in two years. It’s not very conservative,” Paul told reporters this week.
Paul added that he planned on introducing a “conservative alternative” to the deal, which would implement a $500 billion hike on the debt ceiling to allow Congress more time to negotiate, put caps on total spending, and mandate that increases in federal outlays cannot exceed increases in federal revenue.