WASHINGTON: Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a looming US debt default on Tuesday (May 16), as the threat of an economic nightmare prompted Biden to cut short an Asia trip this week. After an hour of talks, McCarthy, the speaker
WASHINGTON: Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a looming US debt default on Tuesday , as the threat of an economic nightmare prompted Biden to cut short an Asia trip this week.
"There is still work to do," Biden later at a White House event honouring Jewish Americans."We're on a path forward to make sure America does not default on its debt." Republicans have refused to vote to lift the debt ceiling past its US$31.3 trillion limit unless Biden and his Democrats agree to spending cuts in the federal budget. However, McConnell said after the meeting,"We know we're not going to default."
Biden and congressional leaders' staff have met several times over the past week on the issue. Going forward, the talks will be narrowed for more engagement between House Republicans and the White House, McCarthy said. The uncertainty around the debt ceiling prompted Biden to skip stops in Papua New Guinea and Australia after he attends a Group of Seven summit of the world's richest countries in Hiroshima, Japan.
"We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters.In the past week, staffs for both sides have discussed a range of issues. In addition to work requirements for some benefit programmes for low-income Americans, spending caps and changes to energy permitting have been proposed in exchange for votes to lift the limit, according to people briefed on the talks.
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