Lawmakers Get Ready for a Partisan Showdown over Debt Limit in 2023

On the Lawmakers Capitol Hill are gearing up for a political showdown over raising the country’s $31.4 trillion borrowing limit this coming spring or summer after punting the issue to a new Congress .

Republicans The control will be taken over House A clash of forces could occur in January and have significant economic consequences.

FISCAL DOOM: FIVE WAYS THE $31 TRILLION NATIONAL DEBT THREATENS THE ECONOMY

Some Democrats Their leadership had been urged to act to increase the borrowing limit in the lame duck session of Congress. This was while they were unified controlling both chambers. Congress leaders were unable to act on the suggestion due to time constraints and instead focused their efforts on negotiating a comprehensive budget. government funding package . Republicans in both the House and the Senate are expected to use the nation’s debt ceiling as leverage to push policy changes, setting off a standoff that could shake global markets.

“We had a resolution in the last Congress, any increase in the debt ceiling would have to be accompanied by some manner of fiscal controls,” Sen. Ron Johnson (R-WI) After leading a GOP conference in December, he spoke to reporters to convince fellow Republicans to focus on fiscal conservatism.

Johnson, who frequently portrays himself as a deficithawk, said that he presented the case for reducing government spending. Johnson also told reporters that his fight had just begun. This foreshadows the coming battle for the debt ceiling.

“We talked about using that moment of leverage in the way that it was meant to be used. The whole purpose of the debt ceiling was, should you have to increase it because of deficit spending, that you’d be forced to do some kind of fiscal controls in exchange for what most