Senate Majority Leader Charles E. Schumer on Monday rejected the House-passed bill to raise the debt limit and said he plans to hold hearings on cuts in the package to 'expose the true impact of this reckless legislation on everyday Americans.'
and Democrats who control the Senate and White House remain far apart in finding a way to stave off a devastating default.
The Senate leader will hold a trial of sorts for Republicans who support the debt-limit bill that made it through the House last week. The bill gave House Speakera stronger position in demanding negotiations with President Biden, though Democrats are eyeing political advantage. “This bill was hastily drafted and forced through the House at a break-neck speed. Not a single committee of jurisdiction held a hearing or a mark-up on a bill that would fundamentally remake American society,” Mr.bill would raise the debt limit until May 2024 in exchange for slashing spending by $4.8 trillion. It also would rescind at least $90.5 billion in unspent pandemic relief and $200 billion in green energy tax credits passed by Democrats last year.
Republicans also aim to cancel Mr. Biden’s student loan forgiveness program, which the nonpartisan Congressional Budget Office estimates will save $315 billion over the next decade. Mr. Biden and Democrats want Republicans to approve a “clean” debt-limit increase without spending cuts attached. They said Republicans were willing to do it under former President Donald Trump and failure to extend borrowing authority would have devastating effects on the economy.
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