It never has and it never will,' McConnell said.īut Mark Zandi, chief economist at Moody's Analytics, said after the meeting that he expects drama until the deadline, which increases the possibility that the deadline is breached.

'The United States is not going to default. He warned the leaders were running out of time to reach a deal, but sought to reassure markets. After the meeting, he noted that Trump had reached a compromise on spending with then-Democratic Speaker Nancy Pelosi to raise the debt limit in 2019, and said Biden needed to take a similar approach. Mike Lee of Utah saying they oppose raising the ceiling without 'substantive spending and budget reforms.'

Most Republican senators signed on to a letter from Sen. McCarthy won a protracted fight for the speaker's gavel after pledging to a bloc of hardline Republican lawmakers that he would not allow a House vote on a bill to increase the country's borrowing authority without federal spending reductions.ĭemocrats and the White House have insisted that the House bill is a nonstarter.īiden and Democrats have pointed out that Republican lawmakers raised the debt limit multiple times when former President Donald Trump was in office.

Congressional watchdog groups