Watch live: Democratic leaders Schumer, Jeffries lead press briefing on raising the debt limit

Senate Majority Leader Chuck Schumer (D-N.Y.) and House Minority Leader Hakeem Jeffries (D-N.Y.) are holding a joint press conference to talk about the new Joint Economic Committee Report on the Republican Party’s debt limit position.

House Freedom Caucus, a group of conservative Republican lawmakers led by Rep. Scott Perry (Pa.), laid out their demands regarding the debt limit on March 17. The proposal would undo big parts of President Biden’s Inflation Reduction Act and also nix $400 billion in student loan debt relief. The group wants to cap non-defense discretionary spending at fiscal 2022 level for the next 10 years and claims this proposal will save the country about $3 trillion over a decade.

Schumer and Jeffries are expected to voice criticisms and emphasize the need to pass legislation to avoid a default.

The event is scheduled to begin at 10:30 a.m. ET.

Watch the live video above.