'Neither side wants to be seen as the party that created the default,' an economist told Newsweek, but 'both sides are digging their heels in.'
prepare to square off over the debt ceiling Tuesday at the White House, it's clear something will have to give in order for the government to avoid a financial crisis.Both sides remain far apart on a deal with just three weeks to go before June 1, the date Treasury Secretary"A default would push the economy right over the edge," Dan North, a senior economist at Allianz Trade North America, told.
The bill was a victory for McCarthy, who controls a slim majority in the House. But he has little wiggle room to negotiate a final agreement, since the far-right wing of his caucus is opposed to any debt ceiling deal that does not include spending cuts. "McCarthy's got a problem here," said Thomas Patterson, a professor of government and the press at the Harvard Kennedy School."It's going to be hard for him to back away from this."
US House Speaker Kevin McCarthy holds a bilateral meeting with his Israeli counterpart at the Israeli parliament, in Jerusalem on April 30, 2023.Biden and the Democratic leadership have refused to tie a debt ceiling increase to federal spending, insisting thatCongress has voted to raise the debt limit dozens of times in the last several decades without cutting federal funding, including three times under former PresidentA failure to raise the debt ceiling would be unprecedented.
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