House Republicans passed a bill on the debt limit and spending cuts on Wednesday, but talks with the Biden administration are still ongoing and there are many areas of disagreement. The White House has proposed a plan to raise the debt limit and suspend it until the end of July, as well as a $1.7 trillion infrastructure package, both of which have been rejected by the GOP. The deadline for raising the debt limit is August 2nd, and if no agreement is reached, the US could default on its debt for the first time in history.
