Debt Ceiling Update

The past few months have seen House Republicans and President Joe Biden exchange political broadsides over the debt ceiling with virtually no real negotiation taking place. Republicans have called for raising the debt ceiling in combination with spending cuts and regulatory reform while the President has insisted on a clean debt ceiling increase free of cost-cutting policies. Both sides have accused the other of being irresponsible and threatening to default on the debt, yet both sides have not met in person in months.

In an attempt to put pressure on Biden to negotiate, House Republicans last week released their first legislative proposal to raise the debt ceiling and reduce government spending.

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