A bipartisan group of Problem Solvers Caucus lawmakers drafted a debt ceiling proposal that would help the country avoid defaulting on its loans and would act as a backup plan if House GOP and POTUS can’t come to an agreement.
The plan created by centrist lawmakers in the Problem Solvers Caucus seeks to suspend the debt ceiling through the rest of the year while Congress proceeds with its usual budget and appropriations process, according to a confidential draft discussion obtained by Politico. The two-page memo does not go into detail on how the caucus would implement the plan, but it alludes to a framework that would take “a reasonable, responsible bipartisan approach.
The backup plan comes as Republicans led by House Speaker Kevin McCarthy work to finalize a budget proposal by next week, hoping to restart negotiations with the White House on how to address the debt ceiling. Discussions have largely been stalled over the last two months as members of both parties attempt to use the financial crisis to achieve their priorities.
McCarthy unveiled a proposal to GOP lawmakers on Tuesday that would raise the debt ceiling into 2024 while making cuts to government spending. The House speaker acknowledged the plan is not complete but will act as a catalyst to kick-start discussions with Biden. McCarthy met with Biden in January to begin negotiations on the debt ceiling, but that meeting ended without a binding agreement as the White House maintains it will not discuss federal spending until the borrowing limit is lifted. McCarthy said on Monday he has not spoken with Biden since that initial meeting, accusing the president of “bumbling into the first default in our nation’s history.”
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