Bipartisan Caucus Proposes Plan to Avoid Default If Biden, McCarthy Fail to Reach Debt-Ceiling Deal

The Problem Solvers Caucus proposed a one-page, four-step framework that would solve the debt-ceiling issue if the White House and congressional leaders fail to come up with a deal.
The 63-member bipartisan congressional coalition (31 Republicans and 32 Democrats) endorsed suspending the debt limit until December 31, 2023, “to remove immediate pressure of defaulting on our national debt.” By raising the debt ceiling, lawmakers can address the federal government’s long-term fiscal health by concentrating on establishing a sustainable budget.
Caucus members say that House members can then focus on completing the fiscal year 2024 budget appropriations cycle and institute “interim deficit stabilization controls.” This would involve creating a commission comparable to the Base Realign and Closure (BRAC) Commission, a Department of Defense panel determining which military bases to shut down….}