President-elect Trump on Sunday harshly criticized House Republicans and former Speaker Kevin McCarthy (R-Calif.) for passing a bill that would increase the debt ceiling from 2023 to January 1, 2025.
Trump praised McCarthy as “a good man and my friend” in a post on Truth Social, but said it would remain “one of the stupidest political decisions I've made in years.” .
President Trump appears to be criticizing the decision to raise the debt ceiling in May 2023 until January 1, 2025, but in his post he referred to the September vote, saying that the debt ceiling would be the first six months of the new system. I wrote that it has been extended for a month. Trump administration.
The House of Representatives finally passed the debt ceiling increase on May 31, 2023, after a lengthy series of negotiations with Senate Democrats and the White House. The bill passed the House on a bipartisan vote of 314-117.
Without Congressional action at the time, the government would soon have been unable to meet its obligations.
But President Trump said in a statement that this was a political mistake and unnecessary.
“The decision by a good man and a friend of mine, the former Speaker of the House, to extend the debt ceiling from this September under the Biden administration to June under the Trump administration will be remembered as one of the stupidest political decisions ever. “Years in the making,'' President Trump wrote.
“There was no reason to do that. We got nothing and we got nothing. That's the main reason we lost the chairmanship. That's Biden's problem, not ours. Now Now it's our problem. I call it 1929 because the Democrats don't care what kind of situation our country is in,” Trump added, apparently in the Great Depression. He mentioned the stock market crash that led to the.
“In fact, they would prefer 'depression' as long as it harms the Republican Party. Democrats should be forced to vote on this dangerous issue now, during the Biden administration, not in June. should be condemned.'' Potential disaster is not the Republican Party! ” Trump concluded.
President Trump issued the statement shortly after another post that mentioned the death of former President Jimmy Carter.
President Trump urged Congress to raise the debt ceiling in December, bringing up the topic at the end of a standoff over funding the government. Current House Speaker Mike Johnson (R-Louisiana) introduced a bill to the floor that would include raising the debt ceiling, but it was rejected by Democrats and dozens of House Republicans.
President Trump has been pressuring Republicans to support raising the debt ceiling so his administration doesn't have to deal with the issue in its first months in office, but the vote may be weighing him down. There is.
The market continued to decline in December, with the Dow Jones Industrial Average dropping more than 4%. Mr. Trump is a keen observer of the market.
Treasury Secretary Janet Yellen warned lawmakers on Friday that they must act quickly to raise the debt ceiling again in 2025 to prevent the U.S. from defaulting on its debt.
The Treasury Department can use “temporary measures” to continue U.S. payments for a limited period after January 1, 2025. Most observers expect the Treasury's ability to move funds and meet U.S. obligations through these measures to last until June next year.
