<p>The <a href="https://www.dailywire.com/topic/u-s-senate" target="_blank" rel="noopener">Senate</a> will hold hearings on the <a href="https://www.dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a> bill passed by the GOP-led <a href="https://www.dailywire.com/topic/u-s-house-of-representatives" target="_blank" rel="noopener">House</a> starting this week, Majority Leader <a href="https://www.dailywire.com/topic/chuck-schumer" target="_blank" rel="noopener">Chuck Schumer</a> (D-NY) announced on Monday.</p>
<p>In a letter to colleagues, Schumer made it clear his aim is not so much to pass the bill championed by House Speaker <a href="https://www.dailywire.com/topic/kevin-mccarthy" target="_blank" rel="noopener">Kevin McCarthy</a> (R-CA) but rather to &#8220;expose the true impact of this reckless legislation on everyday Americans.&#8221;</p>
<p>Schumer said the Senate Budget Committee would hold a hearing Thursday on the &#8220;Default on America Act,&#8221; a mocking nickname for the legislation favored by the Democrats.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">Schumer trashes McCarthy’s debt limit bill: “Beginning this week, our Committees will begin to hold hearings to expose the true impact of this reckless legislation on everyday Americans. On Thursday, the Budget Committee will hold a hearing on the Default on America Act.” <a href="https://t.co/4diI17mYoQ">pic.twitter.com/4diI17mYoQ</a></p>
<p>&mdash; Sahil Kapur (@sahilkapur) <a href="https://twitter.com/sahilkapur/status/1653028087808897024?ref_src=twsrc%5Etfw">May 1, 2023</a></p></blockquote>
<p>On Wednesday, House lawmakers narrowly <a href="https://www.dailywire.com/news/gop-led-house-passes-mccarthys-plan-to-raise-debt-limit" target="_blank" rel="noopener">passed</a> the bill called the &#8220;Limit, Save, Grow Act of 2023,&#8221; which would <a href="https://www.dailywire.com/news/four-gop-holdouts-explain-why-they-voted-against-mccarthy-championed-debt-ceiling-bill">suspend the debt ceiling</a> through March 31, 2024, or until an increase in debt of $1.5 trillion — whichever comes first — in exchange for a host of spending cuts. The Congressional Budget Office <a href="https://thehill.com/homenews/house/3971403-gop-debt-ceiling-bill-would-save-about-4-8-trillion-over-10-years-cbo-estimate/" target="_blank" rel="noopener">projected</a> the proposal would slash federal deficits by $4.8 trillion over ten years.</p>
<p>Treasury Secretary Janet Yellen notified Congress in January that the United States had hit the statutory limit of roughly $31.4 trillion and advised that her agency take “<a href="https://www.dailywire.com/news/yellen-warns-congress-extraordinary-measures-have-begun-after-debt-ceiling-breached" target="_blank" rel="noopener">extraordinary measures</a>” so the government could continue to pay its bills, but only in the short term. Experts have <a href="https://thehill.com/business/3869077-us-could-default-on-debt-as-soon-as-june-analysis/" target="_blank" rel="noopener">warned of a default</a> this summer that could <a href="https://www.nytimes.com/2023/03/07/us/politics/debt-default-economy.html" target="_blank" rel="noopener">cripple the U.S. economy</a> without a deal to raise the borrowing limit for the federal government, which the Treasury Department <a href="https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit" target="_blank" rel="noopener">says Congress has acted upon 78 times since 1960</a>.</p>
<p>President Joe Biden and his fellow Democrats have insisted on a “clean” debt ceiling bill separate from any spending cuts or any policy concessions. In the run-up to the House passing a bill, Biden accused House Republicans of pushing the country to a default &#8220;unless I agree to all these wacko notions they have.&#8221;</p>
<p>During a press conference after the House vote, McCarthy dared Schumer to put an alternative debt ceiling plan to a vote, noting the House and Senate could go to conference if it passed, and the speaker challenged Biden to agree to talks. &#8220;Now, the president can no longer put this economy in jeopardy,&#8221; McCarthy said.</p>
<p>In his letter to colleagues, Schumer outlined various ways he argues the GOP plan would hurt Americans, including by clamping down on federal benefits and damaging the country&#8217;s &#8220;international standing by gutting funding for critical State Department programs and cutting-edge research facilities and sending jobs overseas.&#8221;</p>
<p><b data-stringify-type="bold"><a class="c-link" href="https://onelink.to/dwapp" target="_blank" rel="noopener noreferrer" data-stringify-link="https://onelink.to/dwapp" data-sk="tooltip_parent">CLICK HERE TO GET THE DAILY WIRE APP</a></b></p>
<p>The House GOP bill, Schumer wrote, &#8220;offers two choices: either default on the debt or default on America, forcing steep cuts to law enforcement, veterans, families, teachers, and kids. Democrats will not allow it.&#8221;</p>

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Senate Plans Hearings On ‘Reckless’ House GOP Debt Ceiling Bill

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Senate Plans Hearings On ‘Reckless’ House GOP Debt Ceiling Bill