Bipartisan lawmakers unveil group to avoid US debt default

A bipartisan group of lawmakers on Wednesday unveiled a proposal to avoid a first-ever default on the national debt if House Republicans and President Biden fail to strike a deal. 

The blueprint from the Problem Solvers Caucus – which includes 32 Republicans and 32 Democrats in the House – calls for suspending the debt ceiling through Dec. 31, 2023, and proceeding with the typical budget and appropriations cycle to "remove immediate pressure of defaulting on our national debt."  

In the meantime, the group of centrists would establish an independent fiscal commission to come up with a plan to deal with the $31 trillion in debt over the long term. Recommendations from the commission would be due to Congress in December 2024 – after the next presidential election – and would then be voted on no later than February 2025.