WASHINGTON, March 23 (Reuters) - Republicans in the U.S. House of Representatives are working on a "term sheet" of conditions they would want Democrats to agree to in exchange for voting to raise the federal government's $31.4 trillion debt ceiling later this year, House Budget Committee Chairman Jodey Arrington said on Thursday.
"If we're going to negotiate, we're going to have to have to have something on paper that gets the support of at least 218 of our members," said Arrington, whose party controls the House by a narrow 222-213 margin.
Arrington said the aim is to develop a "package of reforms that will need to be bipartisan" to win the support of President Joe Biden's Democrats and pass.
Failure to address the debt ceiling could lead to an unprecedented default by the federal government that would rattle the global economy and financial markets, which have been volatile following the collapse of Silicon Valley Bank and Signature Bank.
