Senate Joint Economic Committee member Mike Lee, R-Utah, tells ’Sunday Morning Futures' that 43 Senate leaders signed a letter of support for the House GOP debt limit proposal.Three Washington, D.C., think tanks are calling on President Biden to drop his"absolutist" position on debt limit talks ahead of his planned meeting with congressional leaders on Tuesday and agree to consider spending cuts as part of those discussions.
Three Washington, D.C., think tanks are urging President Biden to work with Republicans in the House and Senate on a bill that would cut spending and raise the government's borrowing limit. The letter urged Biden to consider House Republicans' recently-passed Limit, Save, Grow Act, which is designed to lift the debt ceiling by $1.5 trillion or through March 2024, while also cutting discretionary spending to fiscal year 2022 levels.
"The lowest-hanging fruit is surely ending spending for an emergency that you and both houses of Congress agree is over," the letter stated."Explosive growth in debt-financed spending during the pandemic produced the highest inflation in a generation, rapid interest rate increases, turmoil in the financial sector, and a profound level of anxiety about the federal government’s financial stability.
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