Rick Scott (R-Fla.) expressed openness to a short-term debt limit increase if it is accompanied by meaningful engagement from the Biden administration.įor this process to be successful, Democrats must engage in good-faith negotiations and offer real concessions on spending after securing a short-term debt limit increase. Brendan Boyle (D-Pa.) – the ranking Democrat on the House Budget Committee – said on Bloomberg TV Tuesday that there would be “advantages in syncing the timing between the debt ceiling increase and appropriations calendar.” Meanwhile, even some Republicans as far to the right as Sen. Support for this position is growing now that the deadline for action is significantly earlier than previously anticipated. Two weeks ago, I argued that implementing this framework by suspending the debt limit until the end of the fiscal year on September 30 would create space for Biden and McCarthy to negotiate a longer-term budget deal and give both sides a win: Republicans could secure meaningful fiscal concessions before agreeing to raise or suspend the debt limit through the remainder of this Congress, and Democrats could negotiate these concessions as part of the normal budget process instead of incentivizing Republicans to use the unconscionable threat of imminent default as leverage. Ed Case (D-Hawaii), Scott Peters (D-Calif.), and Don Bacon (R-Neb.) in April. That’s why party leaders must consider a two-step process along the lines of the bipartisan framework released by Reps. ![]() Given these realities, it is clear that both parties are nowhere close to striking a deal in time for a June 1 deadline. McCarthy is now seeking three times that amount, and an opportunity to slash even more from the federal budget less than a year from now. These demands would gut virtually every other function of government and are even more extreme than the Republican position during the 2011 debt limit fight, which was to cut $1 of spending for every $1 increase in the debt limit. ![]() Such deep cuts are virtually impossible to square with McCarthy’s pledges not to touch Social Security, Medicare, national defense, or veterans’ benefits, which together comprise more than 85% of non-interest spending. The GOP’s position couldn’t be more different: The House Republican bill would slash domestic spending programs by $4.5 trillion over the next decade as a precondition for only raising the debt limit by $1.5 trillion, or enough to get through March of 2024.
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