The debt ceiling standoff will likely include a fight over “work requirements” for low-income households.
It won’t become law, but it’s the latest move in a back-and-forth battle over the debt limit.
Republicans say they won't touch Social Security and Medicare, but they haven't made a similar vow about Medicaid, which covers about one in four Americans.
It's more likely to happen later in the summer, they say, but the Treasury may find out in April that there are only weeks left to act.
The standoff over the nation's borrowing limit inched ever-so-slightly forward on Wednesday, but a resolution remains out of sight.
President Joe Biden is set to meet with House Speaker Kevin McCarthy on Wednesday.
“I haven’t heard any plausible case for that,” Sen. Elizabeth Warren (D-Mass.) said of a proposed scheme to stave off a calamitous debt default.
House Republicans have been calling for spending cuts, but the White House says Congress should raise the debt limit with no strings.
House Republicans and Democrats are facing a showdown over raising the nation’s borrowing limit as the U.S. hits its $34.1 trillion debt ceiling.
The Senate minority leader said he expects an agreement to raise the debt ceiling by mid-year.