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The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4 trillion debt limit. Republicans, who control the House, have said they will not vote to raise the debt ceiling unless Democrats agree to sharp spending cuts. BUDGET TALKSBiden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with House Republicans. House Republicans passed legislation in April that pairs a $1.5 trillion debt-ceiling hike with $4.8 trillion in spending cuts, largely achieved by cutting annual discretionary spending by 8% next year and capping growth in the years to come. The White House and Republicans may agree to ease permitting requirements for pipelines and other energy infrastructure - though that would require time to draft into legislation, said Brian Riedl, a fellow at the conservative Manhattan Institute.
The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4 trillion debt limit. Republicans, who control the House, for their part, are not insisting on other conditions that the White House has deemed off limits, such as a repeal of the green-energy incentives in Biden's Inflation Reduction Act of 2022. Biden told reporters on Sunday that he thought both sides wanted to reach a deal. "I still think we're far apart," McCarthy told reporters. BUDGET TALKSBiden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with House Republicans.
Biden told reporters on Sunday that he thought both sides wanted to reach a deal. Staff from the two camps met through the weekend for talks that White House officials described as constructive. Republicans say there is plenty of time. Biden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with Republicans who control the House of Representatives. The longer the two sides take to reach a deal, the smaller it is likely to be, he said.
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