![]() ![]() He has little choice, however, since Republicans control the House and make up almost half of the Senate. Last month, House Republicans agreed on an opening bid: They offered to lift the debt ceiling for one year if Democrats agree to cut nondefense spending (except Social Security and Medicare) by an estimated 22%, an extraordinarily deep reduction.īiden has offered to negotiate over spending cuts, but says he won’t bargain as long as the GOP holds the debt ceiling hostage. ![]() You’re going to pass it it’s just a question of how painful it’s going to be,” said Amy Walter, editor of the Cook Political Report, quoting a veteran lobbyist. “The debt ceiling fight is like a kidney stone. In theory, there are plenty of ways to solve this problem - the debt ceiling has been raised seven times in the last decade - but most would require both sides to make painful concessions. ![]() House Speaker Kevin McCarthy (R-Bakersfield) has his job thanks to the hard-line Freedom Caucus, which has long opposed raising the debt ceiling under any circumstance. Political polarization has made the problem harder to solve. ![]()
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