Utah Sen. Mike Lee is leading a coalition of 43 Senate Republicans who say they'll refuse to raise the debt ceiling without budget cuts.
that a default could trigger an economic collapse akin to the 2008 financial crisis, with the loss of more than 7 million jobs and $10 trillion in household wealth.
With the support of Senate Minority Leader Mitch McConnell, R-Ky., Lee said his caucus str intent on holding course. But the bill is less clear about how Congress would achieve around an 18% cut in discretionary spending between now and 2033. McCarthy has already promised not to cut spending for defense and veterans' medical care — the two largest programs in the discretionary budget — and homeland security.estimates the bill will result in an average reduction of 51% across spending for the remaining programs, including education, health and human services, transportation and agriculture.
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