Biden threatens to veto House GOP bill to raise debt ceiling, slash spending

would slash federal spending dramatically and unwind some of Biden’s priorities, including student debt cancellation and efforts to address climate change. In exchange, Republicans would agree to increase the debt ceiling — the statutory cap on how much the U.S. government can borrow to pay its bills.The so-called Limit, Save, Grow Act of 2023 would cap federal agency spending over the next decade, achieving more than $3 trillion in savings, according to GOP estimates.

During a speech Tuesday afternoon to union workers, Biden chastised House Republicans for risking default on the nation’s debts.“They’re saying if … Biden doesn’t agree with them and agree to all the cuts … they’re going to let the country default on its debt,” he said at a conference in Washington of the North America’s Building Trades Unions.

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