Centrist Democrats plotting fallback plan if Biden fails to strike debt deal
For weeks, the band of Democrats has been molding plans for a deal with centrist House Republicans in the event that the country winds up on the precipice of default, riling both their progressive peers and the White House, which has sought a united front against the GOP, Politico reported.“You’ve got party leaders in both houses that don’t want us to talk to one another," one centrist Democrat said.
In January, the United States hit its $31.4 trillion debt limit, meaning it can no longer borrow additional money. However, Congress approved a budgeting package last year that relies on massive deficit spending. At the moment, the Treasury has been undertaking"extraordinary" measures to keep national payments going by moving money around for various accounts.
Biden unveiled a $6.9 trillion budget proposal last month seeking to increase pressure on Republicans. GOP leadership has so far been unable to produce a counterproposal, though members of the Freedom Caucus have outlined demands that the White House has dubbed a"five-alarm fire."
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