Key takeaways:
- Senate Republicans are refusing to back House Republicans’ plans to use the debt ceiling as leverage.
- Many GOP lawmakers are vowing to seek spending cuts in exchange for passing legislation that would let the U.S. government keep paying its bills.
- The divide over the debt ceiling is the latest example of deep fissures that have formed in recent years between Republicans and their allies.
In a sign of deepening divisions between Republicans and their traditional allies, Senate Republicans are refusing to back House Republicans’ plans to use the debt ceiling as leverage. Corporate America, Wall Street investors, and business groups have all warned of a financial catastrophe if Congress fails to raise the debt ceiling by the early June deadline.
House Speaker Kevin McCarthy (R-CA) and his caucus have threatened to breach the debt limit if they don’t get their way on spending cuts to vital programs like Medicare and Social Security. However, Senate Republicans are making it clear that this is a McCarthy problem.
Despite the warnings from corporate America, many GOP lawmakers are instead vowing to seek spending cuts in exchange for passing legislation that would let the U.S. government keep paying its bills. This is a stark contrast to the Republicans’ traditional alignment with the business community.
The divide over the debt ceiling is the latest example of deep fissures that have formed in recent years between Republicans and their allies. With the early June deadline looming, it remains to be seen how Congress will resolve this issue.
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