President Biden and House Speaker Kevin McCarthy said Monday that they have made progress in negotiations on the debt ceiling — but remain far apart on some aspects of a deal as the country closes in on a catastrophic default.
"We reiterated once again that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement,"Biden added that the talks were “productive,” with McCarthy saying, “I believe we can still get there.” McCarthy has dismissed White House proposals to cut into the deficit by raising taxes on wealthier Americans and closing loopholes for corporations.
The debt ceiling has been around since the early 20th century. It was, for many decades, raised on a bipartisan basis with little drama. Because the government spends more than it takes in, the debt ceiling must be raised periodically to allow it to borrow enough to meet its current obligations. But Republicans have said they will not raise it this year without significant cuts to government spending. Democrats have noted that Republicans voted to raise the debt ceiling without preconditions three times under former President Trump.that would raise the debt ceiling but also cut numerous other social spending programs.
Biden has insisted that he won’t negotiate any spending cuts with GOP leaders until the debt limit is raised. Republicans, having passed their spending bill already, say that Biden’s refusal to discuss spending cuts has made the impasse difficult to resolve.If the debt ceiling isn't raised or the White House fails to find a workaround before the government runs out of funds, experts say it would cause a financial catastrophe.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
PolitiFact - Could President Biden use the 14th Amendment to head off a debt default?The White House is considering invoking the 14th Amendment to end the standoff, but courts have rarely ruled on the provision.
Consulte Mais informação »
US Judge Sets Hearing for 14th Amendment Case on Eve of Debt Limit X-DateWhile a DOJ attorney declined to disclose the government's position, one observer said it seems to be: 'Stop trying to make us... get rid of the debt ceiling. That sort of thing is for high-level insiders only, not pesky labor unions that are going about it all wrong.'
Consulte Mais informação »
Biden and Yellen don’t appear to be on the same page on 14th AmendmentRecent remarks by President Joe Biden and his treasury secretary, Janet Yellen, appear to show a bit of dissonance about whether Biden could or should use the 14th Amendment to circumvent the debt ceiling.
Consulte Mais informação »
Debt ceiling: Biden, McCarthy to hold pivotal meeting as time to resolve grows shortThe meeting Monday afternoon between the Democratic president and the new Republican speaker will be critical as they race to prevent a looming debt crisis.
Consulte Mais informação »
President Biden Refuses Debt Deal Friendly to Crypto TradersPresident JoeBiden refuses debt deal friendly to crypto traders! What did he say during the G7 summit in Japan? Read more here -
Consulte Mais informação »
Biden, McCarthy to hold pivotal meeting on debt ceiling as time to resolve standoff grows shortAfter a weekend of start-stop talks, both men appeared upbeat as they face a deadline, as soon as June 1, when the government could run out of cash to pay its bills.
Consulte Mais informação »