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The Debt Limit: Who's Going to Blink First?
The Hill's congressional reporter, Mike Lillis, is here with us to break it all down. Both sides are very much dug in and going into the talks, they say that they're not going to give an inch. Biden has made clear that he will negotiate on deficit reduction, which is the demand that Republicans and McCarthy are making. But he's not going to do it in the context of the debt ceiling. This is money that has already been approved by Congress. It has nothing to do with future outlays.
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