![]() ![]() And it would undo much of Biden’s climate change agenda. The House Republican-passed bill would drop millions of Americans from health care, food stamps and cash assistance programs by imposing additional work requirements that many would be unable to meet. The Republicans refuse to simply raise the debt limit on its own, and are demanding budget cuts and other party priorities. Republicans have put down their opening bid - a sweeping House-passed proposal that would slash $4.8 trillion off the federal budget over a decade by rolling back spending to fiscal 2022 levels and capping future spending increases at 1 percent a year, resulting in steep cuts to programs and services. The once routine vote to raise the debt ceiling has increasingly been wielded as powerful political leverage to extract policy priorities that otherwise would not be likely to become law. Though the endgame is uncertain, the political terrain is familiar for the White House and Congress. ![]() That would be certain to face a court challenge. More likely, Democratic president Biden and Republican House speaker McCarthy will at least be able to set aside their differences enough to launch a process for negotiations that could begin to form the contours of a deal to avert a true debt ceiling crisis.īut with tensions high and the outcome uncertain, some lawmakers are considering unprecedented proposals, even one that would allow Biden to bypass Congress, invoking his responsibilities under the 14th Amendment to simply raise the nation’s debt limit on his own. READ MORE: Lawsuit calls on Treasury Secretary Yellen to ignore ‘unconstitutional’ debt limit Biden and the big four congressional leaders of the House and Senate will convene at the White House with neither side yet signaling a willingness to budge off its opening position.īiden wants Congress to simply raise the debt limit without any strings attached, while Republicans led by McCarthy are insisting on budget cuts in exchange for any votes to allow more borrowing to pay the nation’s bills. “That’s what the president is going to be very clear about.”Īt Tuesday’s first meeting, it’s extremely unlikely there will be any quick resolution. “It’s Congress’ constitutional duty to act to prevent default,” White House Press Secretary Karine Jean-Pierre said Monday. There’s no easy endgame ahead of a June 1 deadline to raise the debt ceiling or risk defaulting on the nation’s $31 trillion in debt. They also could let the negotiations unravel, sending the economy into chaos.Īs President Joe Biden meets Tuesday with House Speaker Kevin McCarthy and other congressional leaders for the first time over the debt ceiling crisis, the options for easing out of the standoff are many.īut the political incentive for compromise is harder to come by. Or they could agree to a stopgap measure to keep paying the nation’s bills while negotiations continue. WASHINGTON (AP) - The White House and Congress could strike a deal to raise the debt ceiling in exchange for budget cuts.
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