On Monday, Sen. Susan Collins (R-ME) suggested that Republicans would likely support a debt ceiling hike in exchange for Democrats nixing US President Joe Biden's $3.5 trillion reconciliation package. The offer is unlikely to be entertained by Democrats.

Biden told reporters on Monday that he cannot guarantee that the US government will not breach its $28.4 trillion debt limit. The US president claimed Republican support is necessary to raise the debt ceiling before "paying what we already owe" due to the actions of previous administrations.