International Business Weekly
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Lifestyle
  • Sports
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Lifestyle
  • Sports
No Result
View All Result
International Business Weekly
No Result
View All Result
Home National

Splits Emerge As U.S. House Republicans Demand Biden Negotiate On Debt Limit

Brand Post by Brand Post
January 25, 2023
in National
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


The American flag flies over the U.S. Treasury building, after the U.S. government hit its $31.4 trillion borrowing limit amid a standoff between the Republican-controlled House of Representatives, President Joe Biden and Democratic legislators that could lead to a fiscal crisis in a few months, in Washington, U.
Reuters

Republicans who control the U.S. House of Representatives are divided over how hard a line to take on the debt ceiling, but were united on Wednesday in demanding that Democratic President Joe Biden agree to negotiate on spending as part of any deal.

Hard-line Republican conservatives, who have the power to block any deal in the narrowly divided House, want to force deep spending cuts on Biden and the Democratic-led Senate in exchange for an agreement to avoid default on the $31.4 trillion debt.

Some moderates want to tread more carefully and avoid any potential damage to the U.S. economy, but even they contend their party will not support a debt agreement without negotiations on spending.

“I know we can’t ask for the moon,” said Representative Don Bacon, a moderate Republican whose Nebraska district Biden won by 6 percentage points in 2020.

“But the president also can’t refuse to negotiate. I mean, if he refuses to negotiate, you’re not going to get any Republican support for anything,” Bacon told Reuters.

The federal government on Jan. 19 came close to its $31.4 trillion borrowing limit set by Congress, and the Treasury Department has warned that it may only be able to pay all the government’s bills through early June, at which point the world’s biggest economy could be at risk of failing to meet its obligations, including on its debt securities.

Brinkmanship could panic investors, potentially sending markets slumping and shaking the global economy. A downgrade of the United States’ debt could result — as occurred in protracted 2011 debt-ceiling battle that also led to years of forced domestic and military spending cuts.

Congress raised the debt limit three times during Republican Donald Trump’s presidency. But Republicans are now seizing the issue as leverage in their first major act since winning a narrow 222-212 House majority.

House Speaker Kevin McCarthy and Biden are expected to meet and discuss the debt ceiling among other issues. But no meeting has yet been scheduled. The White House has repeatedly rejected the idea of negotiating over spending levels to secure an agreement on the debt ceiling.

SENATE STANDS BACK

Senate Republican leader Mitch McConnell, who has played an integral role in past debt talks, predicted that any solution would have to come from McCarthy and Biden, saying the Republican-controlled House was unlikely to accept any solution from the Democratic-led Senate.

“The point everybody is making is that the White House needs to negotiate with the speaker. They can’t just circumvent the House of Representatives,” said Republican Representative Mike Lawler, whose New York district Biden won by 10 points.

“There needs to be a serious understanding that we need to rein in spending,” Lawler told reporters.

Pressure for an agreement is already mounting, with Treasury Secretary Janet Yellen calling for prompt action from Congress.

“When it comes to the debt limit, the debt ceiling, the president has been very clear, I have been very clear, you’ve heard from our economics team about that — how this should be done without conditions,” White House spokesperson Karine Jean-Pierre said.

McCarthy is expected to open any negotiations by demanding that discretionary funding be reset to 2022 levels to achieve a balanced federal budget over the next decade.

But Republican hard-liners, who used McCarthy’s stormy election as speaker to exact concessions that weakened his position, have begun calling for deeper cuts in non-defense spending while awaiting talks.

“We can spend at defense spending levels for the ’23 omnibus. We can return to pre-COVID spending levels for the rest of the bureaucratic state, and you can get to better than ’22 levels,” Representative Chip Roy, a leading conservative, told reporters.

But moderates say Republicans should adopt a different tack to find an agreement that can pass the Senate and be signed into law by Biden.

“You’re not going to pass this stuff through the Senate, so let’s be real,” Bacon said.

He proposed keeping spending in line with inflation instead. “It’s reasonable. It’s not draconian. It bends the curve in the right direction,” Bacon said.

Another moderate, Representative Brian Fitzpatrick, advocates a bipartisan proposal that would change the nation’s borrowing limit from a fixed dollar amount to a percentage of national economic output.

Representative Chris Stewart, a Utah conservative, described hard-liner and moderate proposals alike as opening salvos that would ultimately lead to an agreement with Biden.

“When we get into details about someone further to the right or some of the moderates, there may be some disagreement. But that’s why we negotiate and try to determine, you know, where the middle ground is,” Stewart told Reuters.



Source link

Tags: bidenDebtDemandEmergeHouseLimitNegotiateRepublicansSplits
Brand Post

Brand Post

Related Posts

National

Bed Bath And Beyond Gets Closer To Bankruptcy

January 28, 2023
National

Burkina Rally Celebrates French Troop Pull-out Announcement

January 28, 2023
National

Montrealers Shrug Off The Cold To Dance And Party At Igloofest

January 28, 2023
Next Post

Updated COVID Vaccines Prevented Illness From Latest Variants -CDC

Real Estate Experts Predict The Return Of The Buyer's Market

Suspect In Half Moon Bay Shooting Rampage Appears In California Court

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

  • 86.7k Followers

Recommended

Mikhail Gorbachev, the last president of the Soviet and who helped end the Cold War, died Tuesday, at the age of 91

5 months ago

Sabalenka, Rybakina Promise Power-packed Australian Open Final

2 days ago

Tom Brady Has No Regrets About NFL Return Despite Gisele Bundchen Divorce

3 months ago

ECB Policymakers Make The Case For A Big Rate Hike

5 months ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Business
  • Culture
  • Lifestyle
  • National
  • News
  • Politics
  • Sports
  • Travel
  • Uncategorized
  • World

Topics

Arrested Attack biden billion china Claims Court Covid Crypto Cup Day Dead Death details Dies Harry Heres Home inflation Killed Man million musk Nuclear Oil Police Prince Report Russia Russian Set Shows South Star Top Trump twitter Ukraine video War WATCH Woman World Year Years
No Result
View All Result

Highlights

What To Know For Bengals vs. Chiefs

‘Unbearable Distress’: Families Rally For French Held In Iran

‘Avatar’ Pits Movie Theaters Against Netflix

CDC Urges Extra COVID-19 Precautions For Immunocompromised People

Rheinmetall Eyes Boost In Munitions Output, HIMARS Production In Germany – CEO

Gucci Names De Sarno As Creative Director With Task Of Reviving Brand

Trending

National

Bed Bath And Beyond Gets Closer To Bankruptcy

by Brand Post
January 28, 2023
0

Things are continuing to look bleak for Bed Bath and Beyond as the company has now defaulted...

Burkina Rally Celebrates French Troop Pull-out Announcement

January 28, 2023

Montrealers Shrug Off The Cold To Dance And Party At Igloofest

January 28, 2023

What To Know For Bengals vs. Chiefs

January 28, 2023

‘Unbearable Distress’: Families Rally For French Held In Iran

January 28, 2023

ABOUT US

International Business Weekly is an American entertainment magazine. We cover business News & feature exclusive interviews with many notable figures

Copyright © 2022 - International Business Weekly

  • About
  • Advertise
  • Careers
  • Contact

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel

Copyright © 2022 - International Business Weekly by Services4Websites