Biden Draws A Line In the Sand on Debt Ceiling Negotiations; Inflation Reduction Act Changes Off the Table

Objectivity 4,7 | Credibility 4.8 | Relevance 4.9

During debt ceiling negotiations on Tuesday, President Joe Biden rejected any changes to the Inflation Reduction Act.  The White House is considering a cap on future spending but in a much shorter time frame than the 10-year spending cuts in 2011 under former President Obama.  McCarthy proposed canceling Biden’s student loan plan and clawing back unspent COVID-19 funds.  President Biden indicated he may be open to taking back unspent COVID-19 relief funds, which would only amount to less than $80 billion, and may consider energy permitting reform.  The U.S. could default on its debt by June 1 if an agreement is not reached.  Another meeting is set for White House staffers and congressional leaders on Thursday before leaders return to meet on Friday.