A Standoff Is Coming in 2023 — and It’s Over the National Debt
- Senate, House GOP leaders see chance to press spending cuts
- 2011 debt crisis dented US wealth, Treasury official says
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President Joe Biden is headed toward a standoff over the national debt next year, when Republicans newly in control of the US House threaten to demand concessions for raising the government’s legal borrowing limit.
Democratic leaders in Congress say they’ve run out of time to force through an increased debt ceiling this year, with most Republicans opposed. Two Democratic senators — Joe Manchin of West Virginia and Kyrsten Sinema of Arizona — insist that any vote should be bipartisan.