The debt ceiling tops the agenda as Congress returns this week
The goal is to put a bill on the House floor as soon as May that could pass the narrowly divided chamber and send a clear signal to President Joe Biden that any legislation raising the debt ceiling must have strings attached, according to GOP sources involved in the talks. There is no official estimate yet for the amount of cuts and revenue raisers Republicans are seeking, but one source said the goal is to find $3 trillion to $4 trillion worth of budget savings over 10 years.
It is not yet clear when the country could potentially face its first-ever default if the debt ceiling isn’t raised, but it could happen as soon as this summer or as late as the fall – something that could have drastic economic ramifications. The White House and Senate Democrats have said that the debt ceiling should be approved without any conditions and have challenged Republicans to produce a plan if they won’t move on a clean increase.
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