TokyoTokyo Mon - Fri 10:00-18:00 +81 (366) 701-751
info@mountequitygroup.com

Splits emerge as U.S. House Republicans demand Biden negotiate on debt limit

Mount Equity Group Tokyo Japan > News > Markets > Splits emerge as U.S. House Republicans demand Biden negotiate on debt limit

WASHINGTON, Jan 25 (Reuters) – Republicans who control the U.S. House of Representatives are divided over how hard a line to take on the debt ceiling, but were united on Wednesday in demanding that Democratic President Joe Biden agree to negotiate on spending as part of any deal.

Hard-line Republican conservatives, who have the power to block any deal in the narrowly divided House, want to force deep spending cuts on Biden and the Democratic-led Senate in exchange for an agreement to avoid default on the $31.4 trillion debt.

Some moderates want to tread more carefully and avoid any potential damage to the U.S. economy, but even they contend their party will not support a debt agreement without negotiations on spending.

“I know we can’t ask for the moon,” said Representative Don Bacon, a moderate Republican whose Nebraska district Biden won by 6 percentage points in 2020.

“But the president also can’t refuse to negotiate. I mean, if he…

Read more…