The White House said Tuesday that President Biden is not budging in his refusal to trade spending cuts with House Republicans in exchange for Congress lifting the federal debt limit, despite the country being less than a month away from default.
might even be wishing for one because it feeds into the narrative that House Republicans can’t govern. The debt limit is really the only way to get major concessions on spending.”and House Republicans entrenched, the nation is barreling towards a first-ever default on the ability to pay its debts.
The fiscal cliff is approaching quicker than economists initially expected. On Monday, Treasury Secretary Janet Yellen warned Congress that the U.S. might be unable to pay its bills as early as June 1 if lawmakers do not raise the federal debt limit.It was initially believed that Congress had at least until the end of June to raise the debt limit, but Ms. Yellen said lower-than-expected tax revenue has forced the date forward.
Since January, the Treasury Department has undertaken “extraordinary measures” to stave off default after the government hit its $31.4 trillion borrowing capacity. Those emergency tactics give the government only enough room to cover day-to-day expenses. House Republicans have long demanded spending cuts in exchange for lifting the debt ceiling, and they approved legislation last week to achieve that goal. The GOP bill would raise the debt ceiling by $1.5 trillion until May 2024 in exchange for $4.8 trillion in spending cuts.
Apart from raising the debt limit, the Republican bill would cut federal spending by $130 billion for the upcoming fiscal year and limit budget growth to 1% annually over the next decade. It also rescinds at least $90.5 billion in unspent pandemic relief, imposes new work requirements on welfare, cancels Mr.Democrats say the GOP’s bill is a nonstarter. Senate Majority Leader Charles E.
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