McCarthy has some demands that will be nonstarters for Democrats—and likely some of McCarthy’s own Republicans, too.
the law that caps the amount of debt that the Treasury Department can issue to pay the country’s already accrued bills. If it does not increase the debt ceiling, the government would be unable to meet all of its obligations and would risk a debt default. That in turn could prompt a global financial crisis and put the dollar’s status as the world’s reserve currency in jeopardy. It would be unpleasant.Fortunately, writing legislation to increase the debt limit is not difficult.
Punchbowl News this week. “I would be aware of those. There’s no staff conversation going on. I would be aware of those. So I’ve never been more pessimistic about where we stand with the debt ceiling.”There has, at least, been some movement on the House Republican side this week to specify its demands.
a few hours later calling on House Republicans to release a full budget blueprint, and insisted that talks about spending cuts be divorced from House Republicans’ separate obligation to raise the debt limit.There is one intriguing possibility, though, that’s popped up in the last few days.
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