The White House Office of Management and Budget said on Tuesday that Joe Biden would veto the Limit, Save, Grow Act of 2023 if it reached his desk.
The measure was referred to by the agency as a "reckless attempt to extract extreme concessions as a condition for the United States simply paying the bills it has already incurred."
To prevent the federal government from going into default, the House Republicans' offer to Biden in the form of the bill would lift the debt limit.
The plan included a provision to cap domestic expenditure growth at 1% annually and recommended raising the debt ceiling for a year. It also repeals a large number of the tax incentives for renewable energy included in the Democrats' Inflation Reduction Act. The law would prevent the execution of Biden's unilateral proposal to cancel student debt.
The Office of Management and Budget said, "The president has been clear that he will not tolerate such efforts at hostage-taking. The debt ceiling must be discussed by House Republicans without demands or restrictions, exactly like the Congress did three times under the last administration.
Early on Tuesday, Biden made his reelection campaign official. Biden was urged by House Speaker Kevin McCarthy to negotiate on the debt ceiling and government expenditure instead of concentrating on his 2024 candidacy.
He remarked, "I realize President Biden could be concentrating on his own political future today, but he ought to be concentrating on the future of America. "Biden ought to have said he'll finally sit down and talk about a responsible debt limit increase to prevent the first default in our country's history,"
The measure was referred to by the agency as a "reckless attempt to extract extreme concessions as a condition for the United States simply paying the bills it has already incurred."
To prevent the federal government from going into default, the House Republicans' offer to Biden in the form of the bill would lift the debt limit.
The plan included a provision to cap domestic expenditure growth at 1% annually and recommended raising the debt ceiling for a year. It also repeals a large number of the tax incentives for renewable energy included in the Democrats' Inflation Reduction Act. The law would prevent the execution of Biden's unilateral proposal to cancel student debt.
The Office of Management and Budget said, "The president has been clear that he will not tolerate such efforts at hostage-taking. The debt ceiling must be discussed by House Republicans without demands or restrictions, exactly like the Congress did three times under the last administration.
Early on Tuesday, Biden made his reelection campaign official. Biden was urged by House Speaker Kevin McCarthy to negotiate on the debt ceiling and government expenditure instead of concentrating on his 2024 candidacy.
He remarked, "I realize President Biden could be concentrating on his own political future today, but he ought to be concentrating on the future of America. "Biden ought to have said he'll finally sit down and talk about a responsible debt limit increase to prevent the first default in our country's history,"
