Washington is heading toward a fiscal crisis over the need to raise the nation’s debt limit, now at $31 trillion, and avert a federal default.
While vowing that “defaulting on our debt is not an option,” McCarthy faces his own challenges pushing a legislative fix to passage.With his slim majority and less-than-strong grip on power, he has been unable to rally his Republican troops around a budget-cutting proposal that he could offer the White House as a starting point in negotiations. The outline of conditions he proposed Monday is considered dead on arrival in the Democratic-controlled Senate.
Senate Majority Leader Chuck Schumer said it’s McCarthy who “continues to bumble our country toward a catastrophic default.” Republicans, he said, also want to attach policy priorities, including imposing work requirements to recipients of government aid that would result in cuts to benefit programs in the federal safety net for poorer Americans. that would favor oil, gas and coal production — and ease permitting regulations — undoing many of Biden’s climate change-fighting initiatives. said the president can’t simply put his fingers in his ears.
The nation runs more than $1 trillion in annual deficits, and the last time the federal budget balanced was 2001. Biden in particular, has been here before as vice president during the 2011 fiscal standoff that sent jitters through the economy as the Republicans demanded steep spending cuts.
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