Pres. Biden says that he is happy to meet with US House Speaker McCarthy, but not on whether the debt limit gets extended. That is not negotiable.
Meanwhile the Republican debt ceiling bill is advancing in the U.S. House toward the patent possibly a vote.
The House Republicans have introduced a debt ceiling bill called the Republicans' Limit, Save, Grow Act of 2023.
Here are the major provisions:
Debt Ceiling Increase: The bill would raise the nation's borrowing limit until March 31, 2024, or until the national debt increases by $1.5 trillion, whichever comes first.
Spending Cuts: In exchange for raising the debt ceiling, the bill includes deep cuts in government spending. The nonpartisan Congressional Budget Office estimates that the proposal would cut government deficits by $4.8 trillion over 10 years.
Changes and Adjustments: Republicans made overnight changes to address concerns from holdout lawmakers. They canceled additional provisions related to climate and energy from President Biden's Inflation Reduction Act. They also made adjustments to tax credits on clean fuels and rules around the Supplemental Nutrition Assistance Program.
Republican Majority: House Republicans hold a narrow majority, and the final passage of the bill could be a close vote. Some lawmakers have not committed to supporting the bill, and one Republican has previously indicated that he would vote against it.
Democratic Opposition: Democrats oppose the bill's spending cuts, arguing that they would harm low-income families, jeopardize food assistance for older Americans, and create administrative hurdles for Medicaid recipients.
The House Republican leaders are aiming to pass the bill and enter negotiations with President Biden and congressional Democrats over spending. The bill's provisions and potential success are subjects of ongoing debate and discussions among lawmakers.
