Tuesday's meeting will be the first time since February that Biden has sat down with House Speaker Kevin McCarthy to discuss the debt and spending., with Biden leading Democrats in pushing for a raise to the debt ceiling "without conditions."
The U.S. hit its debt limit in January and has been employing "extraordinary measures" since then to keep its bills paid, the treasury secretary has said."We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States," she wrote.
Schumer also criticized Republicans in a floor speech on May 1: "If the hard right continues running the show in the House, the dangers of a first-ever default are growing day by day. The only real solution is for both parties to past a clean bill ... with no brinksmanship, no hostage-taking." . The president released his own in early March, with House Republicans then unveiling their debt limit bill in mid-April.
their bill to effectively raise the debt limit by $1.5 trillion while reducing funding for federal agencies to 2022 fiscal year levels and limiting growth in government spending to 1% per year.
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