Schumer Accuses ‘MAGA House Republicans’ of Risking Default with Spending Cuts Bill

In a “Dear Colleague” letter, Senate Majority Leader Chuck Schumer (D-NY) doubled down on his rejection of House Republicans’ debt limit bill Monday, accusing the GOP of risking default and vowing to hold Senate hearings to “expose the true impact” of the legislation.

“This bill was hastily drafted and forced through the House at a break-neck speed,” Schumer wrote. “The Senate will show the public what this bill truly is. Beginning this week, our Committees will begin to hold hearings to expose the true impact of this reckless legislation on everyday Americans.”

The Limit, Save, Grow Act, which Democrats have nicknamed the “Default on America Act,” would raise the debt ceiling through early next year in exchange for deep spending reductions.

The bill would block President Joe Biden’s student loan bailout, rescind recent funding to the IRS, repeal climate-related parts of the Inflation Reduction Act, enhance work requirements for welfare recipients, and more. The cuts would save the government an estimated $4.8 trillion over the next ten years, according to the Congressional Budget Office.

Biden and Schumer are aiming to cleanly increase the debt limit, that is, raise it without conditions.

The Treasury Department has warned of “economic catastrophe” should the nation reach its borrowing capacity, a scenario that could occur as early as this summer if the House, Senate, and White House do not agree to suspend or raise the limit in time.