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House Republicans \u201cwon\u2019t budge\u201d on demands for federal spending cuts in return for agreeing to lift the debt ceiling and avoid a US payment default, GOP Representative James Comer said.<\/p>\n
Republicans who gained control of the House in the US midterm election \u201ccampaigned on the the fact that we were going to be serious about spending cuts,\u201d Comer, who heads the House Oversight Committee, said Sunday on CNN\u2019s \u201cState of the Union.\u201d<\/p>\n
The Democratic-led Senate \u201cis going to have to recognize the fact that we\u2019re not going to budge until we see meaningful reform with respect to spending,\u201d he said.<\/p>\n
Prospective talks on raising the debt ceiling are quickly emerging as a potentially global flashpoint. US Treasury Secretary Janet Yellen said last week the department will begin taking special accounting maneuvers on Jan. 19 to avoid breaching the debt limit and urged lawmakers to boost the ceiling to avert a US default.<\/p>\n
\u201cThe debt ceiling is no doubt going to be a knife fight,\u201d Representative Tony Gonzales, a Texas Republican, said on \u201cFox<\/a> News<\/a> Sunday.\u201d\u00a0<\/p>\n Yellen\u2019s warning kicked off what is likely to be a prolonged political battle over US fiscal policy, a showdown that could strain financial markets and elevate dangers for an economy battling inflation and already facing the risk of recession. Economists expect the Treasury will run out of cash around August if the debt ceiling isn\u2019t boosted.<\/p>\n Rep. John Garamendi, a Democrat from California, said using the debt ceiling as leverage could backfire on Republicans.\u00a0<\/p>\n \u201cRepublicans should learn from their own history that using the debt limit as a lever to gain some sort of political advantage or some policy change really doesn\u2019t work well for them and terrible for the American economy,\u201d he said on Fox News.<\/p>\n Some economists and bond strategists are warning of the risk of the kind of turmoil seen in 2011, when a debt-ceiling standoff led to S&P Global Ratings downgrading the sovereign US rating from AAA. Equities tumbled around the world and US consumer confidence was hit.<\/p>\n \u2013With assistance from\u00a0Ian Fisher.<\/p>\n<\/div>\n Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.<\/a><\/p>\n<\/div>\n<\/div>\n\n House Republicans \u201cwon\u2019t budge\u201d on demands for federal spending cuts in return for agreeing to lift the debt ceiling and avoid a US payment default, GOP Representative James Comer said. Republicans who gained control of the House in the US midterm election \u201ccampaigned on the the fact that we were going to be serious about …<\/p>\n","protected":false},"author":1,"featured_media":42205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/42204"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=42204"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/42204\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/42205"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=42204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=42204"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=42204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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