Article Summary:
President Joe Biden and House Republicans are in a disagreement over raising the debt limit. The debt limit is the amount of money the federal government is legally allowed to borrow and if not raised, the government will not be able to pay its bills, which could lead to a default. Biden has proposed a plan to raise the debt limit, but Republicans are opposed to it. They argue that the government should first address its spending before increasing the amount it can borrow. Republicans have also raised concern over the rising national debt and have called for spending cuts to address it.
The article also highlights that the Biden administration has proposed a number of large spending plans including, a $1.9 trillion COVID-19 relief package, a $2 trillion infrastructure plan, and a $1.8 trillion families plan. These plans, along with the ongoing costs of government operations, have led to concerns about the rising national debt. The article also mentions that the national debt has surpassed $28 trillion and has grown by about $4 trillion since the start of the pandemic.
The disagreement over the debt limit is likely to become a contentious issue in the coming weeks as the government approaches the deadline to raise the debt limit. The Treasury Department has said that it will run out of money by late summer unless Congress raises the debt limit. The article concludes by stating that the Biden administration and Republicans will have to come to a compromise to avoid a default, but it remains to be seen if that will happen.