Senate Majority Leader Charles E. Schumer wouldn’t budge Monday from his stance that Democrats is not going to negotiate spending cuts with House Republicans in trade for lifting the debt ceiling that’s set to be breached this summer time.

The New York Democrat, talking to reporters on Capitol Hill simply hours after House Speaker Kevin McCarthy re-upped calls for that each side meet on the negotiating desk, accused Republicans of “theater” and “hostage-taking” that’s threatening the economic system.

“Speaker McCarthy continues to bumble our country towards a catastrophic default, which would cause the economy to crash, cause monumental job loss and drastically raise costs to the American people,” Mr. Schumer mentioned. “I’ll be blunt: if Speaker McCarthy continues in this direction, we are headed to default.”

Mr. Schumer mentioned the onus is on Mr. McCarthy to suggest an in depth funds with desired cuts earlier than assembly with him and President Biden on the White House to hash out a deal.

“If he comes there without a plan, what are we going to talk about, the furniture?” Mr. Schumer mentioned. “The solution here is straightforward: Republicans should work with Democrats in good faith to avoid default together, just as we did under President Trump, just as what President Reagan talked about. No blackmail. No brinkmanship. No default.”

In a speech on the New York Stock Exchange earlier that day, Mr. McCarthy accused Mr. Biden of turning a blind eye to the fiscal actuality of greater than $32 trillion in nationwide debt. He mentioned House Republicans within the coming weeks will move laws to boost the debt restrict for one 12 months, roll again non-defense home spending to 2022 ranges, cap annual funds progress at 1% over the subsequent decade and impose new work necessities for social welfare packages.

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“Defaulting on our debt is not an option,” the California Republican mentioned. “A no-strings-attached debt limit increase will not pass. But since the president continues to hide, House Republicans will take action.”

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