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Debt ceiling talks stuck on classic problem: Republicans demand spending cuts and Democrats resist

By LISA MASCARO and SEUNG MIN KIM - May 24, 2023, 12:12 AM ET
Last Updated - Jun 21, 2023, 04:46 PM EDT
Congress Debt Limit
ASSOCIATED PRESS

Debt ceiling negotiations are locked on a classic problem that has vexed Washington before: Republicans led by House Speaker Kevin McCarthy want to roll back federal government spending, while President Joe Biden and other Democrats do not

WASHINGTON (AP) — Debt ceiling negotiations are locked on a classic problem that has vexed, divided, and disrupted Washington before Republicans led by House Speaker Kevin McCarthy want to roll back federal government spending, while President Joe Biden and other Democrats do not. 

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Cheered on by a hard-charging conservative House majority that hoisted him to power, McCarthy, R-Calif., was not swayed by a White House counter-offer to freeze spending instead. “A freeze is not going to work,” McCarthy said. 

The longstanding Washington debate over the size and scope of the federal government now has just days to be resolved. Failure to raise the nation's debt ceiling, now at $31 trillion, would risk a potentially chaotic federal default, almost certain to inflict economic turmoil at home and abroad. 

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