With the U.S. facing a debt-ceiling deadline this summer, Democrats and Republicans are drawing sharply different lessons from a similar showdown in 2011
, Mr. Biden said his budget, to be released next month, will erase $2 trillion in deficits over the next decade without reducing Social Security or Medicare benefits or raising taxes on those making less than $400,000 a year. He hasn’t provided more details, but in speeches has floated the idea of raising additional money from higher-income Americans and businesses.in what the White House described as “a frank and straightforward dialogue” and Mr. McCarthy called “a good conversation.
Congressional Democrats recognize that the debt-ceiling bill gives Republicans their strongest form of leverage to win spending cuts. That is causing some Democratic caucus members to worry that Mr. Biden won’t hold firm on his pledge to not negotiate on the debt ceiling. Republicans see it differently. “The president knows that he himself has a history of negotiating in connection with the debt ceiling,” Senate Minority Leader Mitch McConnell said on Fox News earlier this month. “So, I think what the speaker is asking him to do is not unreasonable and certainly within precedent.”paved the way for lifting the borrowing limit
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