Chuck Schumer: GOP debt limit plan has no hope of becoming law
Senate Majority Leader Charles E. Schumer on Monday rejected the House-passed bill to raise the debt limit and said he plans to hold hearings on cuts in the package to “expose the true impact of this reckless legislation on everyday Americans.”
Mr. Schumer, New York Democrat, outlined his plans in a “Dear colleagues” letter that shows the House GOP and Democrats who control the Senate and White House remain far apart in finding a way to stave off a devastating default.
The Senate leader will hold a trial of sorts for Republicans who support the debt-limit bill that made it through the House last week. The bill gave House Speaker Kevin McCarthy a stronger position in demanding negotiations with President Biden, though Democrats are eyeing political advantage.
“This bill was hastily drafted and forced through the House at a break-neck speed. Not a single committee of jurisdiction held a hearing or a mark-up on a bill that would fundamentally remake American society,” Mr. Schumer said. “The Senate will show the public what this bill truly is.”
The GOP bill would raise the debt limit until May 2024 in exchange for slashing spending by $4.8 trillion. It also would rescind at
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