The White House is leaving the door open to a compromise with House Republicans on a spending plan that resolves the federal debt ceiling deadlock — a strategy that could allow both parties to claim victory while averting a national economic catastrophe.
Why does the U.S. keep raising the debt limit?
“The president said he’s happy to meet with McCarthy but not on whether or not the debt limit gets extended. That’s not negotiable,” Jean-Pierre said. “We’ve been very clear on what we will negotiate about, which is appropriations and the budget. But we’re just — we just are going to be very clear that they must act and do their constitutional duty on this.”
Yet major hurdles would remain even if both Biden and McCarthy agree to go along with this creative fiction. Without some kind of agreement on a new law to raise or suspend the limit, the U.S. government faces unprecedented failure, which economists say could spark a global financial panic and lead to a recession in the United States. The country has never defaulted on its debt.By contrast, the appropriations process — undertaken by congressional lawmakers every year — sets the spending levels for federal agencies and other parts of the federal government.
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