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Reason
Reason
Elizabeth Nolan Brown

Republicans and Democrats Face Impasse Over Cutting Spending Versus Raising Taxes

Joe Biden Kevin McCarthy United States Republican Texas Greg Abbott House of Representatives Wall Street Journal White House

A Monday speech by House Speaker Kevin McCarthy (R–Calif.) and proposals President Joe Biden is expected to float in tonight's State of the Union (SOTU) address highlight the impasse Republicans and Democrats find themselves in over spending and debt. They also highlight absurdities in both parties' negotiating positions.

Biden wants to increase the U.S. debt ceiling—that is, the amount of outstanding debt the U.S. government is allowed to have—which already stands at a whopping $31.4 trillion. McCarthy-led Republicans in the House of Representatives say that's not happening without other spending cuts.

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