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House Republicans Develop 'Term Sheet' for Debt Ceiling Vote

Republicans in the U.S. House of Representatives are working on a "term sheet" of conditions they want Democrats to agree to for raising the federal government's $31.4 trillion debt ceiling later this year, according to House Budget Committee Chairman Jodey Arrington.

Jodey Arrington, House Budget Committee Chairman
Jodey Arrington, House Budget Committee Chairman

Minimum Support Required for Negotiations

Arrington emphasized that a document must gain the support of at least 218 Republican members to proceed with negotiations. The party currently controls the House by a slim 222-213 margin.

Bipartisan Reforms Needed for Democrat Support

The objective is to create a package of bipartisan reforms that will win the support of President Joe Biden's Democrats and ultimately pass.

Potential Impact of Failing to Address Debt Ceiling

Failure to address the debt ceiling could result in an unprecedented federal government default, which would shake the global economy and financial markets already destabilized by the collapse of Silicon Valley Bank and Signature Bank.