GOP lawmakers, led by House Speaker Kevin McCarthy of California, are demanding spending cuts in return for raising the borrowing limit, while Biden has said the threat of default shouldn’t be used as leverage in budget talks.
with McCarthy, House Minority Leader Hakeem Jeffries, D-N.Y., Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Minority Leader Mitch McConnell, R-Ky., will be the first substantive talks between Biden and McCarthy in months. but impose significant federal spending cuts.
“We should not get to the point where we need to consider whether the president can go on issuing debt. This would be a constitutional crisis,” she said. He criticized Biden for not being willing to negotiate on spending cuts, arguing the debt limit exists to force a broader conversation on government outlays. “It’s about not just debt that’s incurred,” the senator said. “But it’s also raising the limit of what we can continue to be able to add on this.”
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