Debt Ceiling Battle: Bipartisan Negotiators Propose Tying Debt Limit To GDP As White House Prepares To Meet With McCarthy

Topline Rep. Brian Fitzpatrick (R-Penn.) said he is working with Rep. Josh Gottheimer (D-N.J.) on a proposal that would set the federal government’s debt ceiling at a specific

ratio of the nation’s total economic output rather than a fixed sum, marking signs of progress after the debt ceiling was surpassed last week and lawmakers began looking to

prevent the government from defaulting on its debt.Key Facts The deal being brokered by Fitzpatrick and Gottheimer, who co-chair the moderate House Problem Solvers Caucus,

would trigger spending cuts if the U.S.’s debt exceeds a certain debt-to-gross domestic product (GDP) ratio. Fitzpatrick expressed the importance of both raising the debt

ceiling and limiting the federal deficit as part of the negotiations, telling Fox News Sunday “when you have a child that has a spending problem, you do two things: you pay their

bills, and you take away their credit card." Fitzpatrick said previously that defaulting on the debt–something that has never happened in U.S. history, and which most

economists believe would be disastrous–was “off the table.” Fitzpatrick said previously that defaulting on the debt–something that has never happened in U.S. history, and

which most economists believe would be disastrous–was “off the table.”Big Number 124%. That’s the current debt-GDP ratio, according to the Treasury Department. The debt-GDP

ratio first surpassed 100% in 2013, when both figures were at about $16.7 trillion.