Dems are accusing the GOP of putting Chinese banks ahead of funding US government services in a standoff over the debt ceiling.
The House Ways and Means Committee is convening on Thursday to mark up a proposal outlining how to prioritize federal spending in the event Congress can’t resolve the debt ceiling crisis ahead of the summer deadline. The legislation, dubbed the Default Prevention Act, would serve as a backup measure that Republicans say would technically prevent a default and avoid wreaking havoc on the economy.
The GOP-led bill divides federal payments into a tiered system, outlining which groups would still receive payments even if Congress runs out of funds. The top tier includes payments toward interest on the country’s debts to several foreign governments, including China. Ways and Means Chairman Jason Smith pushed back on Democrats' characterization in his opening statement at the committee markup.
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