House Majority Whip Tom Emmer said that President Biden 'doesn't have to negotiate' over the debt ceiling, saying that 'Republicans in the House, led by Kevin McCarthy, have passed the solution.'
House Majority Whip Tom Emmer said Sunday that President Joe Biden “doesn’t have to negotiate” over the debt ceiling, saying that “Republicans in the House, led by Kevin McCarthy, have passed the solution.” House Republicans last week narrowly passed their bill to raise the nation’s $31.4 trillion debt limit by an additional $1.5 trillion. But the measure faces nearly impossible odds of passing in the Democratic-led Senate.
The US hit its debt ceiling in January and can’t continue to borrow to meet its obligations unless Congress raises or suspends it. The Treasury Department is avoiding default – which would happen this summer or early fall – by using cash on hand and “extraordinary measures,” which should last at least until early June, Treasury Secretary Janet Yellen said in January.
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