Biden, McCarthy debt ceiling meeting delayed, spending cuts
Biden's FY 2024 budget calls for relying on tax increases to reduce the deficit, while proposing a 5 percent increase in discretionary spending next year. However, that falls more than $200 billion short of House Republicans, who want to cut agency budgets by an average of 8 percent while increasing defense and veterans spending - meaning other programs would face even deeper cuts.
The fact that spending cuts and caps are being discussed could be a sign of progress in the negotiations, with Democrats long pushing for an unconditional lifting of the debt ceiling and Republicans demanding a series of policy adjustments in addition to deep spending cuts.
Posted May 12, 2023, 1:56 AM UTC
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