Debt Ceiling Hike Opposed By 43 Republican Senators 'Without Substantive Spending And Budget Reforms'

A group of 43 Republican Senators led by Sen. Mike Lee (R-Utah) have written a letter to Senate Majority Leader Chuck Schumer expressing their collective commitment to oppose raising the debt ceiling without any major spending and budget reforms.

What Happened: "It is now clear that Senate Republicans aren't going to bail out Biden and Schumer, they have to negotiate. I thank my colleagues for joining my effort to emphasize this point in the clearest possible terms," Lee said, according to a statement. Reuters had earlier reported the story.

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Stating that the economy is in free fall due to unsustainable fiscal policies, the letter said the trajectory must be addressed with fiscal reforms. "Moreover, recent Treasury projections have reinforced the urgency of addressing the debt ceiling. The House has taken a responsible first step in coming to the table with their proposals. It is imperative that the president now do the same," it said.

"As such, we will not be voting for cloture on any bill that raises the debt ceiling without substantive spending and budget reforms," the letter said.

Meeting: President Joe Biden has invited House Speaker Kevin McCarthy to a May 9 White House meeting and has also summoned four top congressional leaders. The Treasury has been sounding alarms on the possibilities of running out of cash as well as warning about the consequences of defaulting on the national debt.

“We have been using extraordinary measures for several months now. And our ability to do that is running out,” said Treasury Secretary Janet Yellen. "We do need to raise the debt ceiling to avoid economic calamity,” she said.

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