Senate Republicans are considering including a debt ceiling increase in their party-line bill to advance President Donald Trump’s agenda, with Majority Leader John Thune open to the idea. Some senators, like Todd Young and Jim Justice, are now warming up to the idea of a debt limit increase in the bill. Thune is working on a compromise budget resolution with the House, as the Trump administration pushes for resolution. The Congressional Budget Office predicts a debt ceiling deadline of August or September, pushing lawmakers to act.
However, passing a debt ceiling increase with only Republican votes is challenging, especially with the need for spending cuts. In addition, making Trump’s expiring tax cuts permanent would require finding savings, with Republicans considering new accounting techniques to set the cost at zero dollars. This move faces opposition from Democrats and requires approval from the Senate parliamentarian. Treasury Secretary Bessent emphasized the importance of making Trump’s tax cuts permanent to boost the economy. The ongoing discussions aim to reach a consensus on issues like the debt ceiling, spending cuts, and tax cuts, with the hope of passing a comprehensive bill to address these critical financial matters.
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