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President Joe Biden just announced his re-election campaign. But he’s already giving up.

Because Joe Biden waved the white flag of surrender with these four stunning words.

President Joe Biden and House Speaker Kevin McCarthy are stuck in a major disagreement over the debt ceiling issue that is growing out of control.

The two sides have had a couple of meetings to iron out the differences so they could come to an agreement on some compromises to avoid a debt default disaster.

But reports show that the most recent meeting between the two did not go well at all.

Republican sources are saying that Joe Biden is trying to increase tax burdens on Americans as a way to address increased spending from the federal government that has caused a growing national deficit.

“Instead of discussing commonsense reforms to his out-of-control spending, Biden wants to raise taxes on energy producers heading into the hot summer months, worsen the impact of inflation on businesses, and surrender our sovereignty with a deeply flawed global minimum tax that could leave U.S. multinationals at a competitive disadvantage,” a top House Republican Kevin Hern (R-OK) said to the media recently.

Another unnamed Republican involved in the talks has said that Biden administration is pushing a wild strategy to insist on a clean debt limit, refuse to negotiate for months, and then at the last minute ask for something so completely absurd and tone-deaf.”

They added that the Biden administration simply is not taking the negotiations seriously at all.

Kevin McCarthy says that the disagreements that he and the Biden administration have rest on the fact that the federal government has more cash coming in from taxpayers than ever.

“We have a 50-year average where we’re having more revenue than at any time coming in,” McCarthy said about federal revenue drastically increasing.

He noted that the problem must be spending if the cash coming in is at an all time high and yet the federal government can’t get the debt issue under control.

After the meetings, Joe Biden made comments that indicate he’s mailing it in and isn’t even trying to negotiate with McCarthy anymore.

Joe Biden said “I’ve done my part” in response to the talks that the House Republicans have had with his team so far.

He called the demands from the Republicans to cut federal spending “extreme” and added that they are “simply… unacceptable.”

Biden implies that his side has compromised but that the Republicans have not in saying that “they have to move as well,” but there’s no clear indication that the Biden admin has compromised on any issue at all.

McCarthy remains confident that the Biden administration will ultimately cave to his demands because Americans are already very sour on the Biden White House.

He says that it will take about 3 days to get the bill through the House and through the Senate, however. So the agreement will need to come within the next five days in order for the bill to be passed before the soft June 1 deadline.

“In the House, we changed the rules so we make sure you get 72 hours so everybody can read it. Then you pass it in the House and you send it to the Senate. I think the Senate could probably act faster than I thought in the past, but we’re going to need a couple of days.”

Stay tuned to the DC Daily Journal.

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