GOP lawmakers suggest ousting House Speaker over deal with Democrats

Senior Republican members of the US Congress have been calling for the removal of House Speaker Kevin McCarthy after he made an agreement earlier this week with US President Joe Biden to raise the government’s debt ceiling.

Biden finalized a much-criticized deal with McCarthy during a phone call on Sunday that included an increase in the government’s debt ceiling, balanced with a decrease in public spending.

The deal between the two leaders from the dominant US parties, suspends the $31.4 trillion debt ceiling until January 2025, so that the government can borrow more to pay bills already incurred and postpone the possibility of a looming US debt default to a later time.

Biden, McCarthy finalize much-criticized deal on debt ceiling

US President Joe Biden has finalized a much-criticized deal with Republican Kevin McCarthy, the Speaker of the House of Representatives, on debt ceiling.

Following the deal, Republican lawmakers started criticizing McCarthy saying "no deal" is better than negotiating a bad deal with Biden.

Rep. Dan Bishop (R-NC) said on Tuesday that he “absolutely” supports a motion to oust McCarthy over the deal.

Bishop confirmed in an interview that he chooses to revolt against the House Speaker and assume the leadership seat.

Bishop went as far as saying that an inevitable vote for his removal “is inescapable.” “It has to be done.”

“I'm ready to go figure out how to fix this s*** sandwich. This can still be fixed but the road gets narrower to fixing it every time,” Bishop said. “And Kevin McCarthy's been sitting there in leadership.”

Other conservative-leaning lawmakers also criticized the Biden-McCarthy deal, once more raising the chances that the US government might be headed for a default in the coming days or weeks.

GOP leaders will face a “reckoning" if the Biden administration budget bill was allowed to proceed, warned Rep. Chip Roy (R-TX) on Tuesday at a conference held by conservative congressional members.

“The Republican conference right now has been torn asunder,” he said, before ultimately suggesting that “not one Republican” should vote for the bill.

The proposed 99-page budget bill includes caps on spending in 2024 and 2025, budgets, and extra work requirements for food aid programs for poor Americans, drawing condemnation from progressive economists and advocates who said it would slash assistance programs and protect the wealthy.

US on track for June 1 debt default, Treasury Secretary Yellen warns

US Treasury Secretary Janet Yellen has warned once more that the United States is on track for default in June.

For months US Treasury Secretary Janet Yellen has repeatedly been warning that the United States is on track for a debt default in June if the opposing Republican lawmakers do not approve the proposed budget bill hinged on a debt increase and a decrease in public spending.

She said that the exact date of the default, or the X-Date, which starts when the government no longer has enough cash to pay for its debts, depended on its credits and debits balance, or in other words how much revenue the federal government collects and how much it has to pay out in coming days or weeks.

Top Russian lawmaker Vyacheslav Volodin likened the US default to a global pyramid scheme destined to collapse like all similar schemes.

US debt scheme used by Washington to defraud other nations: Russian parliament chief

Russia

If the budget bill proposed by the Democratic administration is not approved by enough lawmakers in Washington from the opposing Republican Party, the United States could default on its debts to other world nations, triggering a worldwide recession and crashing stock markets, in addition to causing mass layoffs across the globe.

“The US public debt is a global financial pyramid, built by Washington to defraud other nations,” the State Duma member wrote. “History has shown that all pyramid schemes eventually fail,” he said, warning that the US dollar is becoming toxic to nations dependent on the greenback.

Volodin suggested last week that speeding up the current de-dollarization trend across the globe was the best solution to the problem which is rooted in US policies. "Countries dependent on the US dollar should start looking for alternatives such as national currencies, to reduce risks for their citizens."

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