January 30, 2023
Wednesday.
That’s the day we may get a breakthrough on the debt ceiling issue. Or not.
Of course you know the United States is just a few months away from defaulting on our debt for the first time in history unless congress either raises or suspends the debt ceiling. Well, in the first official move, House Speaker Kevin McCarthy is going to meet with President Biden in two days. McCarthy says he wants to work out a deal with Biden to raise the debt ceiling in exchange for cuts to the federal budget. Though he hasn’t said what exactly what programs should be cut.
President Biden has said raising or suspending the debt ceiling is not up for negotiation. Biden has said he’s willing to have a spending cut conversation but the debt ceiling cannot be held hostage. He said Congress already spent the money, and the bill is due. If McCarthy wants to talk about spending cuts, they belong in next year’s spending plan. The White House is also framing this meeting much differently than McCarthy saying the two will talk about a wide range of issues.
