The Treasury Department is taking “extraordinary measures” to pay the bills, but funding is expected to run out this summer.
Economists warn that even the serious threat of a federal debt default would send shockwaves through the economy.
A nonpartisan Congressional Budget Office analysis estimated the Republican plan would reduce federal deficits by $4.8 trillion over the decade if the proposed changes were enacted into law. Rep. Andy Biggs, the former chairman of the Freedom Caucus, said he had wanted Republicans to do more to end deficit spending. Tim Burchett, R-Tenn., said of the nation’s nearly $32 trillion in debt, “that’s my major concern.”Senate Majority Leader Chuck Schumer said House passage of the legislation would be a “wasted effort” and that McCarthy should come to the table with Democrats to pass a straightforward debt-limit bill without GOP priorities and avoid default.
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