Debt ceiling battle heats up in Congress under Biden administration.

President Biden has threatened to veto a House Republican bill that would condition support for raising the debt ceiling on deep spending cuts. The GOP proposal would slash federal spending dramatically and unwind some of Biden’s priorities, including student debt cancellation and efforts to address climate change. In exchange, Republicans would agree to increase the debt ceiling. The White House has called it “a reckless attempt to extract extreme concessions as a condition for the United States simply paying the bills it has already incurred.” The bill has “no chance” of making it through the Senate, according to Senate Majority Leader Charles E. Schumer.