Last updated on April 28, 2023
| The US Treasury Secretary warned Congress that the government might run out of money and fail to pay its bills, leading to a default on its debt and a recession. The House Republican majority is pushing President Biden to accept spending cuts in return for raising America’s debt ceiling for one year, with a catch of capping most spending increases at 1% over the next decade. Democrats have refused to accept these conditions, insisting the debt limit remains separate from the nation’s larger budget since raising the ceiling would address already approved funding. Even some Republican lawmakers have not supported the bill, with the Senate Majority Leader making it clear that the bill would be dead on arrival in the upper chamber. |
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