Republican presidential candidate Vivek Ramaswamy said Congress should vote against the "vote against debt ceiling deal" that Joe Biden and top Congressional leaders achieved after nearly a month-long negotiation.
What Happened: Ramaswamy took to Twitter late Sunday to post a video of him sharing his views as Biden and House Speaker Kevin McCarthy reached a deal to raise the federal government’s $31.4 trillion debt ceiling.
"I would vote against the debt ceiling deal. We need to think on the timescales of history, not 2-year election cycles. We should stand for principles, not incrementalism or window-dressing. I won't apologize for that," Ramaswamy wrote on Twitter.
Why It Matters: Ending a month-long stalemate, Biden and Congressional leaders reached an agreement that provides a sense of accomplishment for both parties and averts a devastating default. The U.S. president labeled it a “compromise,” while the Republican House speaker praised it as “worthy of the American people.”
The 99-page deal document was made public on Sunday evening and will be subjected to intense scrutiny among stakeholders in the days ahead. The legislation includes a provision to raise the debt ceiling to $31.4 trillion for two years. Simply put, President Biden will not have to engage in further negotiations on this matter before the upcoming presidential election in November 2024.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
