A long-term deal to raise the debt ceiling is increasingly out of reach for the United States. This is reported by the Bloomberg Telegram channel.
According to the channel, a deal to raise the national debt ceiling is becoming increasingly unattainable. This is because Republicans are stepping up calls for spending cuts in exchange for their agreement to increase the borrowing limit. However, US President Joe Biden does not want to negotiate on this issue.
“The GOP’s attempt to beat out promises of fiscal belt-tightening stems directly from their 2011 political scenario, which resulted in a 10-year, $2.1 trillion deal. This time around, that strategy is running into a recalcitrant White House as the US moves closer to a catastrophic payment default this summer”.
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