Economists warn a debt default would be devastating.
WASHINGTON — President Joe Biden’s follow-up meeting with congressional leaders on the debt limit that was scheduled for Friday has been postponed to next week, with staff-level talks making progress and expected to continue through the weekend, the White House and congressional aides said Thursday.
Staff is looking at billions of dollars of unspent COVID money. So, too, ideas as far-ranging as easing permits for energy projects and simply ordering broad spending caps — all still in the mix as negotiators from the White House and Congress hunkered down Thursday for the latest round of closed-door talks.
It’s unclear whether the sudden outburst from Trump will affect negotiations. The former president continues to have sky-high influence with many in his party, and Trump-aligned lawmakers in Congress may heed his advice to engage in brinkmanship that could lead to a debt default that economists say could be catastrophic.
Said Schumer: “Donald Trump is about as qualified to run the country as a broken brick. But the danger here is he holds enormous sway over Speaker McCarthy and the hard right.”The Republican speaker owes his gavel to Trump’s support during a grueling in-House election.
The U.S. debt, which grew from $20 trillion when Trump took office in 2017 to $28 trillion when Biden took over in 2021, is now $31 trillion. Biden himself suggested that the unspent COVID-19 funds could be “on the table.” And a person familiar with the negotiations said rules on permits are part of the discussion over the budget. The person was granted anonymity to talk about private conversations.
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