The proposal, known as “debt prioritization,” comes as the two parties remain at distant odds over how to resolve their fight over the debt ceiling
sets the legal limit for how much the government can borrow to pay for spending Congress has already authorized, and lawmakers must raise or suspend the cap by later this year — or risk a fiscal calamity with global implications. Republicans have seized on the urgent task to try to secure steep spending cuts from the White House, an approach that has drawn President Biden’s ire over the risks it poses to the U.S. economy.
The Republican approach, generally known as “debt prioritization,” would serve as an emergency road map for a default. Under the legislation,the GOP proposal would allow the government to continue borrowing to make payments on existing debt and issue benefit checks to seniors on Social Security. House Republicans steered to passage a similar version of the legislation in 2015, arguing that the measure could calm jittery markets and protect the country’s full faith and credit in the event of a crisis. But that version never got a vote in the Senate.
in a wide-ranging meeting — the White House has held firm that the president has not, and will not, haggle over the nation’s credit. “He never came to the table to negotiate. That is not something that occurred,” White House press secretary Karine Jean-Pierre said at her press briefing Monday. “We’ve been very clear, we’re not negotiating around the debt ceiling. This is something Congress needs to do.
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