A bipartisan group of U.S. lawmakers is preparing a plan to defuse a looming crisis over the nation's debt ceiling by changing it from a fixed dollar amount a percentage of national economic output, the group's top Republican said on Sunday.
by changing it from a fixed dollar amount a percentage of national economic output, the group's top Republican said on Sunday.
Fitzpatrick - appearing on Fox News Sunday with Democratic Problem Solvers co-chair Josh Gottheimer - said Republican House of Representatives Speaker Kevin McCarthy will be taking the lead in negotiations with the White House over the debt ceiling. But he and Gottheimer were "putting meat" on the bones of their proposal to help avoid a crisis.The U.S. government on Thursday came close to its statutory borrowing limit.
Washington's debts are currently equivalent to about 125% of one year of production across the U.S. economy. Fitzpatrick said the proposal he is working on with Gottheimer would force budget cuts on Washington if federal borrowing exceeded a set share of economic output. He did not say what that share would be.
The White House has said raising the debt ceiling should not be a negotiation. But some Democrats, including Gottheimer as well as prominent Democratic moderates such as U.S. Senator Joe Manchin, have said the administration needs to engage in a debt ceiling negotiation.
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