Breaking news: House Republicans approved a bill that would raise the debt ceiling, slash federal spending and repeal President Biden’s programs to combat climate change and reduce student debt.
Why does the U.S. keep raising the debt limit?
The Treasury Department has warned a default is possible as soon as June, while the CBO has said it could be as late as September. Lawmakers had been counting on the later date until a series of recent updates — including a report from analysts at Goldman Sachs issued last week — said they could not rule out an early summer deadline as a result of unexpected changes in federal tax revenue.
Back in Washington, Biden maintained his belief that Congress should adopt what is known as a “clean,” condition-free debt ceiling increase. He expressed a willingness to meet with McCarthy to discuss broader fiscal issues, yet refused to negotiate over the debt ceiling, saying Wednesday: “That’s not negotiable. “.
In hours of debate, Democrats homed in on the costs of the GOP’s proposed cuts. They pointed to estimates furnished recently by the Biden administration, showing how the Republican bill could undermine key government programs and services — slowing down Social Security checks, worsening flight delays and eliminating housing and child care aid for poorer Americans.
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