Senate Republicans sent a strong signal to President Biden that they are aligning with House GOP demands for significant spending reforms in a deal to raise the nation’s borrowing limit.
will sit down with Congressional leaders days after Treasury Secretary Janet Yellen warned the federal government would run out of money to pay the nation’s bills as early as June 1 unless Congress acts to raise the borrowing limit.
Ms. Yellen warned Sunday on ABC’s “This Week” that “financial and economic chaos would ensue,” if lawmakers do not act swiftly to give the federal government more borrowing power. Democrats argue there should be no negotiations to raise the debt limit, now capped at $31.4 trillion, because the money is used to pay for past spending.
They are calling on Republicans to agree to pass a bill to raise the borrowing limit with no spending reforms attached and say the House“They’re trying to hold the debt hostage to us to agree to some draconian cuts, magnificently difficult and damaging cuts,” Mr.
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