OnPolitics: Can Biden, McCarthy reach a deal on debt limit?

A breakdown of the plans.

Read in browser Read in browser On Politics Tue May 9 2023 Hi there, OnPolitics readers. President Joe Biden and House Speaker Kevin McCarthy, R-Calif., meet today to try to restart debt ceiling negotiations as the nation hurdles towards a potentially catastrophic default. Top congressional leaders, including Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell, are set to join the two. But how likely is it that they resolve the stalled talks as both stand by their own plans? Is there any room for compromise? Well, USA TODAY political reporter Maureen Groppe and graphics editor Javier Zarracina break down how their plans compare: What to know: Republicans want to cut spending while Biden wants to spend more. Biden wants to raise some taxes to make up for his increased spending, which the GOP doesn't like. Currently, the government is spending 29% more this year than it will earn in revenue, and the measured share of the economy – spending, revenue and the deficit – are larger now than they've been on average for the last 50 years. And now, the debt could reach a record high of 118% of the GDP by 2023 if no policy changes are made. Biden's plan: The president's plan would cut the deficit by about $3 trillion over the next decade – despite proposing increased spending in some areas, which would be countered by proposed tax increases and savings. The GOP's plan: Under the bill House Republicans passed in April, the deficit would be cut by about $4.8 trillion over the next decade . But the plan includes cancelling the increase in IRS funding approved by Democrats last year, which would ultimately cost more in lost tax revenue than it would save. 👁️‍🗨️ Keep reading: Debt limit crisis has Biden and GOP divided. Here's how their plans to fix things compare. 🚑 'The coming weeks are critical': Bipartisan Policy Center estimates earlier 'X-Date' for US default 🚨 ICYMI: ' The luxury of shuttle diplomacy': McConnell could use ties to McCarthy and Biden to end debt fight 📨 Get newsletter in your inbox: Don't miss our politics coverage. Sign up for OnPolitics. Secret tech cut from US tanks to Ukraine, fearing Russian capture The Abrams tanks destined for battle in Ukraine are being modified to remove sensitive technology that could fall into the hands of Russian forces. READ MORE Advertisement Will Biden have to change tune on cuts to avert debt ceiling disaster? President Joe Biden will "not change course" on the debt limit in his meeting with House Speaker Kevin McCarthy, the White House says. READ MORE Tim Scott blasts Biden on debt ceiling and border in New Hampshire Tim Scott, who could soon be the only Black Republican in the 2024 presidential race, made it no secret he was going to run in New Hampshire. READ MORE Biden wants to require airlines to do more for stranded passengers The Biden administration's proposed flight delay compensation rule is the latest in a series of steps to improve travel and passenger protections. READ MORE DeSantis signs crackdown on Chinese property ownership in Florida Echo King, a Chinese-born immigration attorney who organized Chinese organizations to protest the legislation, called the new law harmful and scary. READ MORE Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Advertisement Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •   Manage Newsletters  •  Terms of Service  •   Privacy Policy/Your California Privacy Rights  •  Privacy Notice  •   Do Not Sell My Info/Cookie Policy  •  Feedback