Debt ceiling debate: GOP aims to negotiate with President while Wall Street braces for costly standoff.

The GOP has formally introduced its debt ceiling bill, called the “Limit, Save, Grow Act of 2023,” with the goal of bringing the President to the negotiating table. However, the White House has already promised to veto the bill if it passes the Senate and reaches the President’s desk. The House Rules Committee has begun its consideration of the plan, but the vote is far from a sure thing as a host of House Republicans have expressed concerns over provisions on issues like work requirements around Medicaid access and ethanol tax credits. Observers widely expect that if the bill passes, it would provide a much clearer path to negotiations and possibly an eventual resolution to the crisis in the weeks ahead.