Negotiations are not expected to get into full swing until lawmakers return to the nation’s capital next week. However, the battle lines are already beginning to emerge. Hard-line conservatives have enormous influence in the House because of the party’s slim majority. McCarthy offered holdouts in the conference whose votes he needed to become House speaker guarantees that the debt ceiling would not be raised without significant cuts to government spending.
"Let’s change our behavior now. Let’s sit down. He’s the president. We’re the majority in the House. The Democrats are the majority in the Senate. And that’s exactly the way the founders designed Congress to work — find the compromise and find the commonsense compromise that puts us back onto a balanced budget," McCarthy said during a press conference on Capitol Hill on Tuesday.
“Giving in to Democrats’ demand for a debt ceiling increase without implementing fiscal guardrails is neither reasonable nor responsible. Democrats and Republicans must seize this opportunity to rein-in our unsustainable spending and reorient our nation’s financial trajectory before it’s too late," Arrington said in a statement.Republicans are calling to balance the federal budget in 10 years by capping discretionary spending at 2022 levels.
While it is still unclear what spending will be prioritized in the emerging contingency plan, it could specify that the Treasury Department continue to make payments on Medicare, Social Security, the military, and veterans benefits. Rep. Chip Roy is the top conservative helping broker this deal. Staff for the congressman said they are aiming to pass a payment prioritization plan by the end of the first quarter of the year.
Source: Loan Digest (loandigest.net)
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