Staring down a fast-approaching deadline to raise the U.S. government’s debt limit, they have to find some version of common ground as they jostle in public over the nation’s $31.4 trillion in red ink. But how can they reconcile their competing visions while also achieving the levels of deficit reduction both say they want?McCarthy wants House Republicans to vote this week on a proposal that would shave an estimated $4.
“We’re not going to negotiate on something that they should be doing, which is avoiding default,” Jean-Pierre said. “But when it comes to the budget, when it comes to how they want to see spending cuts for the American people, we will have that discussion.”On Monday, McCarthy’s spokesman, Chad Gilmartin, sent out an email listing quotes from 11 Democratic lawmakers who have suggested talks should start.
Moody’s Analytics on Monday released estimates showing there would by 780,000 fewer jobs at the end of 2024 if the House GOP plan became law. Expected growth in the overall economy would slow to 1.6% from 2.25%. Why does Moody’s Analytics think the Republican cuts hurt the economy? The spending caps would likely cause programs that aid the poor to be slashed. Lower-income households tend to “quickly spend any support they receive from the government,” which then circulates through the economy and supports growth and consumer activity, according to the Moody’s estimates.The problem is that both Biden and McCarthy have declared Social Security and Medicare off limits.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FoxNews - 🏆 9. / 87 Read more »
Source: dcexaminer - 🏆 6. / 94 Read more »
Source: Reuters - 🏆 2. / 97 Read more »