US House gets update on nation’s US$31tril debt FMTNews FMTWorld
President Joe Biden’s budget proposal aims to trim deficits by nearly US$3 trillion over the next decade.
The closed-door meeting for House of Representatives members was meant to establish a common set of facts for the debate from the director of the non-partisan Congressional Budget Office, Phillip Swagel, who has warned the federal debt will surpass the size of the US economy within the next decade if no steps are taken.
“It’s my hope that Republicans will release their budget sooner rather than later, so we can have a thoughtful discussion about alternatives,” the top House Democrat, Hakeem Jeffries, said as he emerged from the meeting. McCarthy wants Biden to agree to spending cuts before his narrow Republican House majority would agree to raise the debt ceiling. Biden insists that Republicans must agree to a “clean” debt ceiling increase without a preliminary deal on spending.
The influential House caucus, which represents nearly 80% of the House Republican conference, is expected to produce its own budget plan in April, independently of House Budget Committee chair Jodey Arrington’s proposal. Neither Biden’s proposal nor the one Arrington’s committee is preparing would result in a balanced budget.
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