Senate Republicans have said that any plan to increase the debt ceiling must begin in the House, leaving discussions to Speaker Kevin McCarthy (R-CA), who is under pressure from his party’s conservatives to include a demand for spending cutbacks as part of any increase in the nation’s borrowing limit. Debt has reached $31.4 trillion, the maximum established by lawmakers when they last raised the ceiling in December 2021, setting the stage for the looming showdown between House Republicans and President Joe Biden. Default would plunge the United States into a recession with worldwide repercussions, thus Congress must act to raise…
This post originally appeared on WayneDupree.com.
