WASHINGTON (AP) — One outcome is clear as Washington reaches for a budget deal to end the debt ceiling standoff: The ambitious COVID era of government spending is giving way to a new focus on stemming deficits. As President Joe Biden and congressional leaders prepare to meet again next week, staff are working on a budget deal. The White House has threatened to veto Republican House Speaker Kevin McCarthy’s debt ceiling bill with its “devastating cuts” to federal programs. But the administration has signaled a willingness to consider other budget caps. It’s a turnaround from just a few years ago, when Congress passed trillions in emergency aid to halt the pandemic and rebuild the U.S. economy.
Debt Ceiling Talks Push D.C. Toward New Era Of Cuts
May 13, 2023 4:47 am