The Biden administration and House Republicans are heading toward an initial Thursday debt ceiling deadline without a hint of an endgame, ensuring a months-long standoff that’s poised to rattle financial markets amid worries about a recession this year.
The Biden administration and House Republicans are heading toward an initial Thursday debt ceiling deadline without even a hint of an endgame, ensuring a months-long standoff that’s poised to rattle financial markets amid worries about a recession this year.
But Yellen’s warning to congressional leaders hasn’t spurred any movement toward even the beginning of a deal between Congress and the White House. The biggest legislative battle of the year is just beginning — and threatening to grow even messier than the 15-ballot speakership fight — and there’s no exit strategy in sight.
“I think there is a real chance of that,” said one senior House Republican. “Kevin would probably love for that to happen because it gets him out of — ‘it wasn’t me.’” “We’ve been very clear. The President’s been very clear. It’s everybody’s duty to make sure the United States pays its bills on time,” Van Hollen said. “There will be no negotiations over the debt ceiling and paying our bills on time.”
“I fully support the debt prioritization plan as it’s one of the many steps that have to be implemented,” said Rep., a Freedom Caucus member who was among the 20 conservative McCarthy holdouts. Norman has argued his main priority is working to balance the budget over the next 10 years or less. The hotly debated idea divides Republicans and budget experts alike, and the administration has already swatted it down. White House chief of staff Ron Klainand “cut off funding” for food safety, FAA operations, border security and drug enforcement.
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