In a letter sent to Schumer on Saturday, a group of 43 Republicans in the Senate told the Democratic leader they would not vote to advance any piece of legislation seeking to address the debt ceiling crisis unless it includes substantial budget reforms. The statement expresses support for the debt limit bill passed by House Republicans last month, giving Speaker Kevin McCarthy leverage as he restarts negotiations with President Joe Biden next week.
The letter comes as government leaders scramble to avoid a default on the country’s loans after Treasury Secretary Janet Yellen issued a warning that Congress has just under a month until the United States will be unable to make payments if lawmakers don’t take action. In response, Biden called the so-called “Big Four” — that is, McCarthy, Schumer, House Minority Leader Hakeem Jeffries , and Senate Minority Leader Mitch McConnell — on Monday afternoon to schedule a meeting to discuss the debt ceiling, which is set to take place on Tuesday. All four leaders will be in attendance, marking the first time McCarthy and Biden have met to discuss the debt ceiling since Feb. 1.
Schumer did move ahead with placing two competing debt limit bills on the Senate calendar, including one that would suspend the debt limit through 2024 as well as the GOP-led debt limit package that already passed the House. It’s not yet clear whether either bill will come to the floor for a vote, and Schumer said a decision would come after leaders meet with Biden next week.