Congressional leaders are digging in ahead of next week’s White House meeting on the debt limit, with House Democrats prepping a Hail Mary while Republicans wait on President Joe Biden to meet them at the table.
And that GOP agreement is highly unlikely to materialize any time soon. Jeffries’ plan landed with a thud among Republicans who want to see Biden give ground first, despite the Treasury Department’s warning that the nation could exhaust its ability to pay bills as early as June 1. No matter what compromise Biden can stomach, Tillis added, “there’s no question that” it would lose votes from House Republicans who supported McCarthy’s conservative opening bid last week. That bill would lift the nation’s borrowing cap by $1.5 trillion or through March 2024, whichever comes first, while slashing $130 billion in government funding and tightening work requirements for federal benefits.
If the Senate passes a clean debt limit increase, Congress could use the House GOP’s fiscal bill as a potential vehicle for a bipartisan government funding deal, Schumer said Tuesday. Yet the chances of that happening appear slim at the moment, with Republicans demanding massive federal funding cuts in exchange for raising the borrowing limit and GOP leaders refusing to decouple spending from debt.
His announcement came one day after the Treasury told lawmakers that the government could run out of cash by the beginning of June. Any discharge petition would require at least five Republicans to sign on in order to bring a bill to the House floor if it has sat in committee for more than 30 days. On Tuesday afternoon, White House press secretary Karine Jean-Pierre said the Biden administration “won’t negotiate in public” about the potential for a short-term increase in the debt limit or any other options for averting a default.
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: dcexaminer - 🏆 6. / 94 Read more »