WASHINGTON (Gray DC) – Democrats in Congress released a report with a possible debt default crisis looming. The report from the Joint Financial Committee says a Republican strategy to reduce spending would hurt Americans, although the GOP contends spending cuts are properly overdue.

Republicans are asking for spending cuts in exchange for raising the debt limit. Democrats contact their proposed cuts harmful.

“This is no political ploy. This is nearly life and death for our economy and the distinction involving living a decent life and possessing a definitely rough time,” mentioned Senate Majority Leader Chuck Schumer (D-N.Y.).

The group laid out what it claims would be the consequences of slashing government spending: millions of jobs lost, added benefits disrupted, extra high-priced loans, and extra. When asked about agreeing to possible spending cuts, Schumer mentioned that debate really should take place in the course of the spending budget procedure, not in the course of a debt ceiling standoff. Property Minority Leader Hakeem Jeffries (D-N.Y.) saying Republican are not really serious about handling this sensibly.

“What they are really serious about is defaulting on our nation’s debt unless they can extract intense cuts,” mentioned Jeffries.

Republicans stay entrenched in the quest for cuts. Conservatives in the Property are proposing slashing the Biden administration’s climate priorities, IRS funding, and student loan forgiveness. Rep. Andy Biggs (R-Ariz.) argues their strategy is affordable.

“It entailed wanting to reduce wasteful, weaponized, and woke spending applications to get this nation back on track. That is all it was,” mentioned Biggs.

Democrats allege Republicans want to reduce Medicare and Medicaid funding – a claim Republicans deny. Conservatives want to sit down and negotiate with Democrats to come to spending agreements ahead of a vote to raise the debt limit.

“What’s causing all these difficulties is the truth that we’re not living inside our signifies. That is causing the difficulties. It is not we want a thing fantastic to take place with the debt ceiling,” mentioned Sen. Rick Scott (R-Fla.).

Congress has normally voted to raise the debt limit, 49 occasions below Republican presidents, which includes 3 occasions below President Trump, and 29 occasions with a Democrat in the White Property.

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