Speaker Kevin McCarthy said he is ready to make a deal but he’s waiting for President Biden to invite him to negotiations to raise the nation’s soon-to-expire borrowing limit.
House Republican meeting at a Florida resort this week huddled on legislation that could be used in a debt ceiling tradeoff, including a measure to ramp up domestic energy production and provisions in a yet-to-be-written measure to secure the porous southern border.
Mr. McCarthy said the nation’s staggering debt has cranked up inflation that subsequently helped trigger the recent collapse of several regional banks. The borrowing limit should not simply be increased without provisions aimed at decreasing spending and lowering inflation, he said. “There are a lot of positive things we can do,” Mr. McCarthy said he told the president. “There are things we can do legislatively that could play into a debt ceiling deal. So I was trying to show him a lot of options and things that could get done.”
Republican lawmakers discussed border security at the conference in Orlando and are working on measures that will be unveiled in the coming weeks. Those provisions also could be part of a debt ceiling deal, according to Republicans. The Treasury has implemented temporary measures to stave off default but those provisions expire in June. Biden officials have said the conditions for lifting the debt ceiling are “non-negotiable,” and Mr. Biden said he told Mr. McCarthy the two will not sit down and talk until the GOP produces a 2024 budget plan.
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