The White House said Tuesday that President Biden is not budging in his refusal to trade spending cuts with House Republicans in exchange for Congress lifting the federal debt limit, despite the country being less than a month away from default.
might even be wishing for one because it feeds into the narrative that House Republicans can’t govern. The debt limit is really the only way to get major concessions on spending.”and House Republicans entrenched, the nation is barreling towards a first-ever default on the ability to pay its debts.
The fiscal cliff is approaching quicker than economists initially expected. On Monday, Treasury Secretary Janet Yellen warned Congress that the U.S. might be unable to pay its bills as early as June 1 if lawmakers do not raise the federal debt limit.It was initially believed that Congress had at least until the end of June to raise the debt limit, but Ms. Yellen said lower-than-expected tax revenue has forced the date forward.
Since January, the Treasury Department has undertaken “extraordinary measures” to stave off default after the government hit its $31.4 trillion borrowing capacity. Those emergency tactics give the government only enough room to cover day-to-day expenses. House Republicans have long demanded spending cuts in exchange for lifting the debt ceiling, and they approved legislation last week to achieve that goal. The GOP bill would raise the debt ceiling by $1.5 trillion until May 2024 in exchange for $4.8 trillion in spending cuts.
Apart from raising the debt limit, the Republican bill would cut federal spending by $130 billion for the upcoming fiscal year and limit budget growth to 1% annually over the next decade. It also rescinds at least $90.5 billion in unspent pandemic relief, imposes new work requirements on welfare, cancels Mr.Democrats say the GOP’s bill is a nonstarter. Senate Majority Leader Charles E.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Biden district Republicans see 'minimal' to no engagement from White House | CNN PoliticsWhen the slim House Republican majority came into power this year, White House officials said they saw opportunities to work with Biden district Republicans -- GOP lawmakers whose districts President Joe Biden carried in 2020.
Weiterlesen »
White House digs in on debt strategy after House Republicans' passage of their planThe White House is working to redefine its debt strategy after the surprise passage of House Republicans’ plan to slash spending in return for raising the debt ceiling.
Weiterlesen »
House Republicans accuse Dems of ‘shamelessly lying’ about veterans’ benefits under debt-limit billHouse Republicans say President Biden and Democrats are lying about cuts to services for veterans under legislation recently passed in the chamber to raise the debt ceiling and avoid default on the national debt.
Weiterlesen »
With debt bill adopted, far-right House Republicans ready for fiscal warThe House Freedom Caucus pushed Speaker Kevin McCarthy for sharp spending cuts — and some members still want more.
Weiterlesen »
Will Republicans really pick the one candidate Biden can beat?'The Democrats have left the goal wide open. Almost anyone could defeat President Joe Biden, whose physical and mental decline can no longer be hidden from the public. *Almost* anyone.' -Dan Hannan
Weiterlesen »
Biden urges Republicans take debt default off table, warns interest rates would jumpU.S. President Joe Biden on Monday urged House of Representatives Speaker Kevin McCarthy to take the potential for an unprecedented U.S. debt default off the table, warning that it would result in skyrocketing credit card and mortgage rates.
Weiterlesen »