Democrats have roundly rejected House Republicans' Limit, Save, Grow Act that passed last week to raise the debt limit in exchange for sweeping spending cuts. They want a clean debt ceiling extension bill without any conditions but have yet to be able to pass one in the Senate.While the future of how this will play out is uncertain, here are a few scenarios that could take place.President Joe Biden and House Speaker Kevin McCarthy haven't met since February.
Biden also doesn't want to be humiliated by Republicans heading into the 2024 cycle, nor does he want them to use the debt ceiling to leverage future concessions. This is particularly dicey because Treasury Secretary Janet Yellen estimated in January that her department's"extraordinary measures" would last until at least June 5 and later gave an update Monday moving it up to June 1.
— U.S. CBO May 1, 2023 If Congress winds up with more time to address the crisis, the discharge petition might become an option. So far, even Democrats don't appear particularly interested in using it. This is still tricky because it would technically require either McCarthy or Biden to ease up on their entrenched positions about either not raising the debt limit without cuts or negotiating over the nation's borrowing authority.
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