According to projections from the CBO, the federal budget deficit for the first seven months of fiscal year 2023 was $928 billion. The figure, according to the CBO, is $568 billion higher than what was reported for the same time period the year before.
Politico reports that all but six Republican senators have pledged to vote against extending the debt ceiling unless “substantive spending and budget reforms” are implemented. This effectively guarantees a Republican filibuster of the proposed legislation.
The senators stated in a letter opposing a hike in the debt ceiling that “our economy is in free fall due to unsustainable fiscal policies,” according to CNN. Fiscal reforms are necessary to stop this tendency. Recent Treasury predictions have also emphasized how urgent it is to raise the debt ceiling.
The senators said, “As a result, we will not be voting for cloture on any plan that raises the debt ceiling without meaningful spending and budget changes.
Sen. Mike Lee of Utah, a Republican, asserted that legislation cannot pass if “41 senators are unwilling to end debate on any legislation.” According to Politico, “We now have more than enough to stop exactly the kind of legislation that Joe Biden wants.
More than half of American adults surveyed in an ABC News/Washington Post poll issued on May 7 said that former President Donald Trump handled the economy better than President Joe Biden, whose overall job approval rating is just 36%, according to the Washington Post.
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