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Chairman Smith on Cavuto: Coast to Coast: Biden, Schumer Should Follow Precedent and Address Record Deficits in Debt Ceiling Negotiations

February 01, 2023

President Biden and congressional Democrats should listen to Americans demanding fiscal responsibility and address record debt and deficits through debt ceiling negotiations, said Ways and Means Committee Chairman Jason Smith (MO-08) yesterday on Fox Business’s Cavuto Coast to Coast.

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Now that Democrats are coming to the table, the White House should follow precedent and seek common ground to address the fiscal insanity of federal spending.

“I’m just glad President Biden finally backtracked once again. He said all along he wasn’t going to meet and negotiate the debt ceiling. Now he is. So, I’m excited that he is. That’s the responsible thing to do.

“We have been calling on President Biden and Chuck Schumer to come to the table, let’s address this fiscal insanity and let’s try to find some common ground. The Republicans control the house. The American people are demanding fiscal responsibility. I hope that President Biden will work with Speaker McCarthy and find the common ground. He did that back in 2011, when he was vice president. That was tied to the debt limit. That came up with an agreement that put a cap on spending and it saved trillions of dollars. It worked for him as vice president. It should work for him today.”

Republicans will not let America default. We will combat reckless spending to do what is right for the American people.

“We need to do what is right for the American people. Republicans will not default, and surely President Biden will want to get this fiscal insanity under control. His $10 trillion increase in new spending over the last two years – where the Democrats controlled the House and Senate – led to record inflation, the highest in 40 years. That means every viewer watching this has to pay more to put food on their table, clothes on their backs, and gasoline in their cars. They want reckless spending to stop.”

President Biden’s illegal student loan bailout is part of more than a trillion dollars Biden is spending with the stroke of his pen.

“Last year, when I was Republican Leader of the House Budget Committee, we calculated seven of President Biden’s executive orders, including the student loans, and it was going to cost us more than a trillion dollars. This is bypassing Congress. It is unacceptable. The courts need to not allow this to happen. It is unconstitutional, it is illegal, Congress should appropriate money, not the White House.”