.chuckschumer dared House Republicans to bring forward a bill that details the spending cuts the party wants in exchange for raising the debt limit as the new GOP majority barrels toward a debt ceiling stalemate, VirginiaAabram reports.
In a floor speech on Friday, Schumer accused the House GOP of"saying yes to brinkmanship, yes to hostage-taking, and yes, even to risking default, all because of draconian spending cuts pushed by the hard Right."The Treasury Department announced that the United States had reached the federal borrowing limit last week and would begin"extraordinary measures" to avoid defaulting on its debts, with those measures set to expire as early as June.
Speaker of the House Kevin McCarthy agreed not to raise the borrowing limit without spending cuts as part of an agreement with hard-line members of his party in order to be elected speaker. The move, lauded by the right wing of the party and fiscal conservatives, is a break from the last decade, with both parties having authorized debt increases without a major showdown.
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