The U.S. Senate showed no sign of moving to avoid a looming debt-ceiling crisis on Thursday, as Republicans rejected calls to raise the $31.4 trillion limit without conditions and Democrats dismissed the idea of talks.
that would lift the borrowing limit and slash federal spending, lawmakers in both parties dug in as the clock ticked toward a potential first-ever default that could cripple the U.S. economy and unsettle financial markets worldwide.
But Democrats countered that while Biden and McCarthy could talk at any time about spending and the deficit, Republicans should not use the debt ceiling to force concessions. A prolonged 2011 debt-ceiling standoff led to a downgrade of the U.S. government's credit rating, which pushed borrowing costs higher and hammered stocks. Warning signs are already flashing on Wall Street.
Democrats rejected outright the House Republicans' debt-ceiling bill. It would increase government borrowing authority by $1.5 trillion or until March 31, whichever comes first, cut spending to 2022 levels and cap growth at 1% a year, repeal some tax incentives forDemocrats hold a narrow 51-49 majority in the Senate, where legislation to raise the debt ceiling would require 60 votes, meaning that nine Republicans would have to support it.
The White House has mobilized nearly every government agency to calculate the impact of the projected 22% budget cut included in McCarthy's legislation for their respective budgets.
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