The president and House Speaker Kevin McCarthy are trying to strike a budget deal before the U.S. Treasury runs out of cash to keep paying the nation’s bills, which could occur as soon as June 1
By LISA MASCARO, FATIMA HUSSEIN and SEUNG MIN KIM
“How much is too much?” McCarthy said Tuesday about the nation’s $31 trillion debt load, as he pushed for stricter work requirements on government aid recipients as a way to cut spending. Even as the Democratic president and the Republican speaker box around the politics of the issue — with Biden insisting he’s not negotiating over the debt ceiling and McCarthy working to extract spending cuts — various areas of possible agreement appear to be emerging.
Democratic leader Jeffries’ staff sought to reassure them in talks late Monday, while a separate group of more centrist Democrats have signaled to their moderate Republican colleagues they are prepared to work something out to reach a debt ceiling deal, aides said Tuesday. The debt limit must be lifted, as has been done countless times before, to allow continued borrowing to pay already accrued bills.
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