A Republican bill would implement $4.5 trillion in spending cuts — or about 22% — in exchange for a $1.5 trillion increase in the debt limit.
, adding urgency to a bitter fiscal fight between congressional Republicans and Democrats and the White House.
“Federal receipts and outlays are inherently variable, and the actual date that Treasury exhausts extraordinary measures could be a number of weeks later than these estimates,” she wrote to lawmakers. In 2011, a similar debt ceiling fight took the country to the brink of default and prompted a downgrade of the country’s top-notch credit rating. This time, negotiations may be even more difficult, veterans of 2011’s face-off say. on April 26 that would raise the debt ceiling in exchange for deep cuts to healthcare for the poor and other budget cuts that the Department of Transportation says would shut hundreds of air traffic control towers.
The White House has asked Congress to raise the debt limit without conditions; administration officials are already making plans to negotiate with Republicans over the president’s 2024 budget plan. are likely to persist for years to come, with benefit programs like Social Security and Medicare accounting for the largest category of the budget and projected to grow dramatically as the population ages.
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