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President Joe Biden on Friday said “I will not yield” to Republicans in a standoff over raising the U.S. debt limit if the GOP demands cuts to Medicare and Social Security in exchange for an increase in the limit. Biden was speaking at the White House after the release of the fiscal year 2022 budget deficit, which fell by half, to $1.37 trillion. House Minority Leader Kevin McCarthy, a California Republican, has suggested using the debt limit to force spending cuts, but said he wouldn’t “predetermine” anything when asked about entitlement-program reforms.
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