House Republicans will advance a contingency plan for Treasury Secretary Janet Yellen to make the minimum payments on the nation’s debt if Congress fails to strike a deal with the White House on raising the nation’s borrowing limit.
House Republicans will advance a contingency plan for Treasury Secretary Janet Yellen to make the minimum payments on the nation’s debt if Congress fails to strike a deal with theThe legislation, which the GOP-led House Ways and Means Committee plans to advance on Thursday, aims to prevent a panic-driven economic meltdown if the debt ceiling isn’t raised in time.
The legislation would allow the Treasury to continue to borrow money to pay interest and principal due on the debt, even if the impasse remains. The bill, GOP lawmakers said, would make it difficult for Mr. Biden to use the specter of an impending default to pressure Republicans into supporting a debt ceiling increase without accompanying cuts to spending.
The two parties are at an impasse over GOP demands to make spending cuts in exchange for raising the borrowing limit, which now stands at a record $31.4 trillion.
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