A group of 43 members of the Congressional Senate from the Republican Party rejected agreement on an increase in the national debt ceiling. It has been reported Bloomberg Referring to a letter sent to Chuck Schumer from the Senate Democratic majority group.
According to senators, the presidential administration should make significant cuts in public spending and budget reforms. “Our economy is in free fall due to unsustainable fiscal policy,” Republican Senators, including Minority Leader Mitch McConnell, said in a letter.
Biden and senior congressional leaders are scheduled to negotiate with Republicans on some budget limits on May 9. For Democrats, however, tying spending cuts to raising the debt limit is “hostage”.
It was previously known that the US administration. thinker option for a short-term increase in the national debt ceiling to avoid default and gain additional time to negotiate with the Republican opposition.
Treasury Secretary Janet Yellen stated Authorities may exhaust the possibility of paying the public debt as it reaches its limit by 1 June. Now the country’s national debt is $31.4 trillion.
Economist writerBecause of its record public debt, the United States could face a default or a sharp reduction in spending that threatens the global economy.