![]() "The United States is not going to default. He warned the leaders were running out of time to reach a deal, but sought to reassure markets. After the meeting, he noted that Trump had reached a compromise on spending with then-Democratic Speaker Nancy Pelosi to raise the debt limit in 2019, and said Biden needed to take a similar approach. Mike Lee of Utah saying they oppose raising the ceiling without "substantive spending and budget reforms." Most Republican senators signed on to a letter from Sen. ![]() McCarthy won a protracted fight for the speaker's gavel after pledging to a bloc of hardline Republican lawmakers that he would not allow a House vote on a bill to increase the country's borrowing authority without federal spending reductions.ĭemocrats and the White House have insisted that the House bill is a nonstarter.īiden and Democrats have pointed out that Republican lawmakers raised the debt limit multiple times when former President Donald Trump was in office.
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