![]() Moody’s Analytics estimates the Republican bill would cause 790,000 job losses next year. The House bill would reduce deficits over 10 years by, among other things, clawing back unspent COVID aid, removing the clean energy tax credits that Biden signed into law last year and reversing Biden’s student debt forgiveness and repayment plan.īut those spending reductions could come at a cost. Grassley said it would be up to Congress to decide how to meet the spending caps that the House bill would put in place, and “nothing in the legislation mandates cuts to defense, veterans’ health care, border security or other activities that Republicans have already prioritized.” “Now the ball is in the court of the president to negotiate, and they want to distract from that.” Chuck Grassley, the ranking Republican on the committee. “It’s showboating to badmouth the fact that the only thing that’s been done on the debt ceiling and on the budget is what Republicans have done,” said Sen. Republicans described the Democratic effort as a distraction that won’t change their position: Biden must negotiate on spending reductions in exchange for increasing the debt ceiling. Urgency around the issue intensified this week as the Treasury Department announced that the “extraordinary measures” being used to avoid a devastating government default could run out on June 1 - giving lawmakers just a few weeks to find a solution. ![]() It’s just the latest jousting in Congress over the debt limit, a legal limit to government borrowing that has been raised repeatedly in recent years as the nation’s debt has swelled past $31 trillion. “If Republicans won’t level with the American people about their terrible bill, Senate Democrats are going to do it for them,” Senate Majority Leader Chuck Schumer, D-N.Y., said. That spending limit, which would account for most of the Republicans’ projected $4.8 trillion in savings, could have severe impacts on programs such as Head Start and Meals on Wheels, cancer research and veterans’ health care, Democrats say. Those include one that would cap next year’s spending at 2022 levels and allow it to rise only 1% annually in ensuing years, much below the rate of inflation. A meeting at the White House with congressional leaders of both parties is set for next week.ĭespite the legislation’s certain demise, Democrats are eager to tie Republicans, particularly in swing districts and states, to various provisions in the bill. ![]() But they said the House action was necessary to get Biden to the negotiating table with Republican Speaker Kevin McCarthy. Many Republicans admitted so when passing the measure. No one expects that the House bill, which would increase the nation’s borrowing authority as well as cut spending, will reach President Joe Biden’s desk. ![]() But they’re insisting it be coupled with cuts in what they consider bloated federal spending. Republicans responded that they know the legal limit on government borrowing must be raised to avert a possible default. WASHINGTON (AP) - Senate Democrats pressured Republicans on the increasingly menacing debt ceiling impasse Thursday, focusing on what they say will be painful reductions in government services if a bill the GOP recently pushed through the House becomes law. ![]()
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