GOP Leaves Debt Ceiling Talks, Claims White House Unreasonable
Republicans halt debt ceiling negotiations with the White House, citing a lack of reasonableness.
GOP leaders accuse the Biden administration of pushing for excessive spending and tax hikes.
The debt ceiling suspension ends July 31, creating urgency for a bipartisan agreement.
Democrats argue that raising the debt ceiling is necessary to avoid an economic crisis.
The GOP walked out previously in 2011, resulting in a costly credit downgrade for the US.
Republicans propose spending cuts to offset any increase in the debt ceiling.
Democrats consider using reconciliation to bypass GOP opposition and raise the debt limit.
The standoff risks a government shutdown and financial market turmoil if not resolved soon.