![]() The negotiators are operating under an increasingly short time schedule, as Treasury Secretary Janet Yellen told Congress last week that the federal government reached the statutory cap on borrowing in January and the Treasury has since been using extraordinary measures to make cash available, which is due to run out as early as June 1. Over the weekend, 43 GOP Senators including McConnell vowed not to support a clean debt limit increase, which indicated that Schumer could not find the votes to break a filibuster and pass a clean bill through the Senate. However, McCarthy and most of the Republican members have maintained that option is a nonstarter and have stated that any increase to the debt ceiling must be paired with cuts in spending. ![]() To date, Biden has publicly vowed not to negotiate over the debt limit, calling for a clean debt ceiling increase. Two weeks ago, McCarthy rallied House Republicans to pass a GOP bill that would increase the debt ceiling in exchange for repealing most of the clean-energy provisions that passed as part of the Inflation Reduction Act and enacting substantial social spending cuts. ![]() On Tuesday, President Joe Biden will meet with top congressional leaders, including House Speaker Kevin McCarthy (R-CA), Senate Majority Leader Chuck Schumer (D-NY), Senate Minority Leader Mitch McConnell (R-KY), and House Minority Leader Hakeem Jeffries (D-NY), to discuss raising the debt limit. Both the House and Senate are in this week. ![]()
0 Comments
Leave a Reply. |