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Tipsheet

Republicans Officially Offer to Raise the Debt Ceiling

AP Photo/Alex Brandon

UPDATE: Here are the details from Speaker McCarthy. President Biden hasn't issued a response about whether the terms are acceptable to Democrats. 

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***Original post***

Republicans on Capitol Hill, led by House Speaker Kevin McCarthy, have reportedly agreed to a $1.5 trillion debt ceiling increase as President Joe Biden continues his refusal to negotiate on the issue. 

For months McCarthy has called on Biden to come to the negotiating table on the debt ceiling and spending cuts. Biden indicated publicly at the National Prayer Breakfast he was willing to negotiate in good faith. That has changed as Biden refuses to entertain anything but a limit increase without pre-conditions. 

"Let’s start treating each other with respect. That’s what Kevin and I are going to do,” Biden said at the annual National Prayer Breakfast on Capitol Hill in February. "We had a good meeting yesterday. I think we got to do it across the board. It doesn’t mean we’re going to agree and fight like hell. But let’s treat each other with respect."

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Earlier this week McCarthy made a visit to the New York Stock Exchange and highlighted the country's out of control spending and debt problems. 

Meanwhile, the U.S. National Debt sits at $31.6 trillion. 

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