Congressional leadership is nearing a deal that will raise the United States’ debt ceiling and stop the government from defaulting, the consequences of which could devastate the economy.
Why is the GOP refusing to help lift the debt ceiling this time?
Democrats passed the COVID-19 relief plan in March along partisan lines and hope to do the same with President Biden’s Build Back Better social spending bill. However, the programs currently being paid for through borrowing are existing obligations, passed over previous years by both parties. Raising the debt limit now would not help Democrats pass Biden’s domestic agenda.
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