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LEADING THE DAY
GOP sees debt ceiling as its leverage against Biden: Senate Republicans plan to demand big spending reforms in exchange for their support of legislation to raise the nation’s debt ceiling.
Republicans are seeking leverage to rein in President Biden
GOP senators are reviving demands they made in 2011, the last time there was a political standoff over raising the debt limit, but it’s a risky move.
The 2011 debt limit was solved at the last moment, and a subsequent downgrading of the nation’s creditworthiness by S&P triggered a stock market meltdown.
And if the U.S. actually defaults on its debt, which could happen within months, the consequences could be catastrophic.