A top Republican in the U.S. House of Representatives predicted on Tuesday his party will muster the votes needed to adopt a plan to slash spending and raise the government's $31.4 trillion debt ceiling, despite signs of growing opposition within Republican ranks.
Speaker of the House Kevin McCarthy speaks at the the New York Stock Exchange in New York City, U.S., April 17, 2023. REUTERS/Brendan McDermid/File Photo/File Photo
House Speaker Kevin McCarthy can afford to lose support from no more than four of his 222 Republican members, if he is to pass the bill, which would raise the borrowing limit by $1.5 trillion. Biden has insisted that Congress raise the debt ceiling without conditions, as it did three times under Republican President Donald Trump.
Washington and Wall Street are focused on the coming "X-date," possibly just weeks away, when the U.S. Treasury would no longer be able to pay all its bills, triggering a default that would shake the global economy. The last prolonged standoff over the debt limit, in 2011, led to a downgrade of the U.S. credit rating, which shook financial markets and raised borrowing costs.
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