President Biden and Democrats are launching a full-scale push to discredit the House GOP's legislation to raise the debt limit until May 2024 in exchange for $4.8 trillion in spending cuts.
President Biden and Democrats are launching a full-scale push to discredit the House’s legislation to raise the debt limit until May 2024 in exchange for $4.8 trillion in spending cuts.
“We’ll show the American people how the ‘default act’ would rip away [food stamp] benefits for over a million recipients and eliminate Pell grants for tens of thousands of student loan borrowers,” said Mr. Schumer, New York Democrat.bill would cut federal spending by $130 billion for the upcoming fiscal year and limit budget growth to 1% annually over the next decade.
House Republicans’ passage of the bill last week gave Speaker Kevin McCarthy a stronger position in demanding negotiations with Mr. Biden on raising the debt limit. But Democrats are hoping to capitalize on the fact that House Republicans circumvented the standard committee process to pass the bill and then departed Washington for a week-long recess.
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