U.S. House Republicans plan to focus on the federal government's $31.4 trillion debt in a closed-door meeting the day before President Joe Biden unveils 2024 spending plan.
The emergence of the two budgets are seen as the starting gun for negotiations between House Speaker Kevin McCarthy and Biden over spending for fiscal 2024, which begins Sept. 1.
McCarthy wants Biden to agree to spending cuts before his narrow Republican House majority would agree to raise the debt ceiling. Biden insists that Republicans must agree to a "clean" debt ceiling increase without a preliminary deal on spending. "We're at a tipping point," McCarthy said of the nation's fiscal position. "Very seldom do we ever get together as members outside the chambers. We do that in classified briefings and ... I think this is just as important as any security issue."
Each party blames the other for the country's fiscal position. Republicans say spending under Biden has added to the national debt, while Democrats point to tax cuts for businesses and wealthy individuals that were passed under former President Donald Trump and cost the budget $2 trillion in revenue.
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