Reuters
U.S. Congress could be in for bruising debt-ceiling fight after midterms
If Republicans win control of the U.S. House of Representatives in November’s midterm elections, they expect to use a powerful and potentially dangerous tool as leverage in their dealings with Democratic President Joe Biden: The federal debt ceiling. The U.S. Treasury is expected to reach its mandated $31.4 trillion borrowing limit in 2023, and Republicans ranging from hard-line conservatives to moderates see that as an opportunity to curb Biden’s spending on Democratic initiatives such as climate change and new social programs. “It’s critical that we’re prepared to use the leverage we have,” said Representative Scott Perry, chairman of the hard-line House Freedom Caucus, which could see greater influence if Republicans win control in the Nov. 8 election, as nonpartisan election forecasters say is likely.
