President Joe Biden has hosted the Democratic congressional leaders at the White House
President Joe Biden speaks during a meeting with Democratic lawmakers in the Roosevelt Room of the White House, Tuesday, Jan. 24, 2023, in Washington, including from left, House Minority Leader Hakeem Jeffries of N.Y., Vice President Kamala Harris, Senate Majority Leader Sen. Chuck Schumer of N.Y., and Senate Majority Whip Dick Durbin of Ill.
House Speaker Kevin McCarthy is eager to push Biden to the negotiating table, hoping to make good on the promises the GOP leader made to holdouts during his campaign to become House speaker to pare federal spending back to fiscal 2022 levels, which would be a sizable 8% budget cut.“We’ve seen this movie before,” said Sen. John Cornyn of Texas, a member of Republican leadership.
McConnell said of McCarthy's yet-unscheduled-session with Biden: “I wish him well and in talking to the president. That’s where a solution lies.” On the debt, the Treasury Department notified Congress last week that the nation has reached its borrowing capacity, $31 trillion, and will need to increase the limit to be able to continue paying off its already accrued bills. Treasury Secretary Janet Yellen has launched extraordinary measures which are routinely used at times like this, but those will run out in June.
The 2011 negotiations centered around a $1-for-$1 tradeoff of spending cuts for new debt, but the sides could never agree to the size and scope of reductions in federal health care, military, infrastructure and other accounts. So far, the Biden administration has refused to engage with House Republicans.
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