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Former House Speaker Newt Gingrich (R-Ga.) says he already knows who’s responsible for the country’s default if Congress and the White House can’t agree on a budget bill.
President Joe Biden.
The Republican-controlled House has passed a measure that would raise the debt ceiling but also cut spending, and yet, Biden and Democrats who control the Senate are balking and refusing to go along.
In an interview with Fox News, Gingrich explained why this would become the “Biden default” if no deal is reached:
In my new book, “March to the Majority,” I outline how we did it, and Kevin is following the same game plan. Pass the bill, stand firm, be reasonable, but don’t back up.
And I think if you look at today’s meeting, you look at what has been happening, inch by inch gradually, the Biden team has come to recognize if there is a default, it is going to go down in history as the Biden default. It is going to end his presidential campaign for 2024, and it is unacceptable. So he is going to have to get somewhere.
Kevin McCarthy, the speaker, has done a great job so far of setting a series of setting goals that the conservatives really want and are refusing to back off the core of those goals.
Is it going to be 100% of what they passed out of the House? No, it never was for us, either. But is it going to be 80%? Probably.
I believe, first of all, that the June 1 deadline is not anything like the crisis. I have watched Treasury for over 30 years. They can find a way to keep things going for a while.
Second, I think that it is very, very important that Speaker McCarthy is such a dramatic contrast with Speaker Pelosi.
Remember, she once said “you have to vote for it to find out what is in it.” He is saying no matter what the pressures are. The House is going to have 72 hours, we’re going to have an argument. It is going to work out. I think that’s a huge step in the right direction. I feel reasonably good after today’s meeting that they are moving in the right direction, and that Speaker McCarthy holding his ground, being reasonable, being pleasant but being firm is the right direction.