The Congressional Budget Office (CBO) reported that the federal government has already spent nearly $1 trillion in 2023.
"The nonpartisan Congressional Budget Office (CBO) revealed the federal government under President Biden has run a near-$1 trillion federal deficit in the 'first seven months of fiscal year 2023.'"https://t.co/qFimxOIIFO
— House Republicans (@HouseGOP) May 8, 2023
During the first seven months of 2023, the federal budget deficit was $928 billion, according to CBO’s estimates. That amount, the CBO noted, is over $500 billion more than what was recorded during the same period in 2022.
According to Politico, six Republican senators have pledged to oppose raising the federal government’s debt ceiling unless “substantive spending and budget reforms” are created.
“Our economy is in free fall due to unsustainable fiscal policies,” the senators wrote in a letter opposing a raise in the debt ceiling. “This trajectory must be addressed with fiscal reforms. Moreover, recent Treasury projections have reinforced the urgency of addressing the debt ceiling.”
“As such, we will not be voting for cloture on any bill that raises the debt ceiling without substantive spending and budget reforms,” the senators added.
When there are “41 senators who are unwilling to bring debate to a close on any legislation, it cannot pass. We’ve got more than enough to stop exactly the kind of legislation that Joe Biden wants,” Sen. Mike Lee (R-UT) argued on Fox News’s “Sunday Morning Futures.”
“What that means is that the White House is going to come to the table and enter into real talks with the House Republicans, starting with Speaker Kevin McCarthy,” Lee added.
On April 24, 2023, House Republicans passed legislation allowing for the debt ceiling to be raised while limiting future federal spending. The bill passed by a vote of 217-215.
Biden and other Democrats have said they are open to budget negotiations but want the debt ceiling to be treated separately. Politico reported that the federal government would likely increase the debt ceiling in June 2023.
Fox News host Maria Bartiromo asked Lee if he was confident that Senate Minority Leader Mitch McConnell (R-KY) and other Senate Republicans would “stand firm” on the debt ceiling issue. Lee said he expected they would.
“Even if we lost one or two here or there, we’d still be fine,” Lee said, “and I don’t think we’re going to the lose any of them.”
The Washington Post reported that an ABC News/Washington Post poll found that over 50% of American adults believe former President Donald Trump handled the economy better than President Joe Biden, whose overall approval rating is 36%.