Understanding the Debt Ceiling

Written By Jennifer Joslyn

💰 Understanding the Debt Ceiling.

The Republicans, led by McCarthy, are insisting on spending cuts in exchange for raising the debt limit, arguing that the current national debt is unsustainable. Biden, who initially sought a debt ceiling increase without conditions, has now engaged in negotiations with Republicans, but urges them to back off their "extreme positions." While progress has been made, including discussions on a potential 2024 budget year cap, there is still work to be done to reach a final agreement.

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Jennifer Joslyn
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