Amid bank strains, Democrats and Republicans spar over U.S. budget

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By David Morgan WASHINGTON (Reuters) – The U.S. Senate Budget Committee debated Democratic President Joe Biden’s $6.8 trillion budget proposal on Wednesday, as new financial strains at Credit Suisse threatened to raise the stakes in a partisan standoff over spending and debt. Biden’s proposal is an early step in a negotiation over fiscal 2024 spending with Republicans who control the U.S. House of Representatives, who say they will refuse to raise the nation’s $31.4 trillion debt ceiling unless Democrats agree to sharp spending cuts. Failure to do so could lead to an unprecedented default by t…

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