The Treasury Department projects that the federal government on Thursday will reach its legal borrowing capacity of $38.381 trillion. Here's what to know.
and House Republicans raising alarms about whether the U.S. can sidestep a potential economic crisis.
Biden insists on a clean increase to the debt limit so that existing financial commitments can be sustained, refusing to even start talks with Republicans. McCarthy is calling for negotiations that he believes will lead to spending cuts. It's unclear how much he wants to trim and if his fellow Republicans would support any deal after a testy start to the new Congress that required 15 rounds of voting to elect McCarthy speaker.Rep.
"There should be no political brinkmanship with the debt limit," said Senate Majority Leader Chuck Schumer, D-N.Y. "It’s reckless for Speaker McCarthy and MAGA Republicans to try and use the full faith and credit of the United States as a political bargaining chip."
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