Intensity and insults rise as lawmakers debate debt ceiling

The new Republican majority in the House, led by Speaker Kevin McCarthy, is unwilling to pass a "clean" debt ceiling increase, blaming federal spending for higher food and gasoline prices and growing debt. They are determined to confront President Biden and extract major spending cuts in return for a debt-limit increase, maintaining there is no need to panic even as markets warn a default on US debt would be a dangerous risk.

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