The House speaker is set to outline the party’s new proposal at the New York Stock Exchange, more than a decade after a similar GOP-led standoff hammered U.S. markets
Economists at the Federal Reserve increasingly believe such a downturn is likely later this year, according to March meeting details released this month, a possibility that adds to the pressure on Washington to avoid making matters worse.Some economists see a further hit to growth if Congress adopts the still-emerging GOP plan, which aims to slash federal spending on health, education, science and labor programs by about $130 billion.
But Republicans have forged ahead anyway on a belief that they must act swiftly to address the national debt, which is expected to reach roughly $50 trillion by 2033, according to projections released earlier this year from the nonpartisan Congressional Budget Office. Both parties have added considerably to that imbalance, from the tax cuts adopted by Republicans in 2017 to the more recent social spending packages enacted under Biden, though GOP lawmakers still blame Democrats.
But even the renewed sense of fiscal brinkmanship threatens to create costly economic turbulence in the months to come.In 2011, a similarly resurgent GOP squared off against another Democrat, President Barack Obama, as conservative tea party lawmakers demanded equally steep spending cuts.
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