Rep. Jim Banks: Debt limit would be "major leverage point" for House GOP majority
CBSN
Washington — Republican Rep. Jim Banks of Indiana signaled Thursday that the GOP could use the looming debt limit as a negotiation tool with President Biden early next year should the party win back the majority in the House in November's elections.
"It's a major leverage point for the House Republican majority to use to control spending," Banks said. "We've seen the national debt now surpass $31 trillion. It is a key driver of inflation."
While some Republicans view the debt limit as a means to help rein in spending, failure to raise or suspend the debt ceiling in a timely manner could cause the U.S. to default on its debt, which would have devastating consequences for the economy.
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