By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > News > Republicans claim progress in talks with White House over debt ceiling
News

Republicans claim progress in talks with White House over debt ceiling

News Room
Last updated: 2023/05/27 at 2:39 PM
By News Room
Share
4 Min Read
SHARE

The White House and congressional Republicans were racing to seal a deal to avert a US debt default on Saturday as the high-stakes negotiations on a bipartisan fiscal pact dragged on into the weekend.

After a late-night round of discussions ended without an agreement on Friday, negotiators for US president Joe Biden and Republican House speaker Kevin McCarthy made another attempt to resolve their final differences on Saturday.

“We did make progress, we worked well into early this morning, and we’re back at it now. Some things we just have to finish out,” McCarthy told reporters. “We’ve got to make sure we get a right agreement for the American people.”

He nodded to the fact that the deal with Biden would involve tough compromises.

“Everybody won’t like what is the end of the agreement . . . on both sides,” he said. “Is it everything I wanted? No, it has to pass the Senate and get signed by the President. But I firmly believe that people if they sit back and look at this, from all of America, they’ll say: ‘You know what? that’s a much better product.”

Biden expressed optimism about the talks on Friday evening before leaving for Camp David, the presidential retreat in Maryland, where he is following the final stretch of the negotiations.

Although both sides are coalescing around a deal that would raise the debt limit for two years and limit government spending over the same period, one person familiar with the talks said Republican demands to attach new work requirements to anti-poverty programmes remained a sticking point.

The White House and Congress have until June 5 to enact legislation to raise the country’s $31.4tn debt ceiling or the US will run out of money to pay all its bills, according to the latest estimate from Janet Yellen, the US Treasury secretary, which was released on Friday.

If no deal is made, the US would face a damaging default on its government debt which could rattle global financial markets, trigger a sharp economic downturn, and damage America’s creditworthiness.

House Republicans have vowed to give their lawmakers at least 72 hours to consider the debt ceiling legislation before a vote, after which it would move to the Senate for final passage in Congress.

Both Republican and Democratic leaders will need to limit the number of defections within their ranks in order to ensure any deal is approved, with hardliners in both parties likely to reject the emerging compromise.

But many lawmakers and the White House are likely to see the pact as necessary to avoid a much broader and self-inflicted economic and financial meltdown with less than 18 months to go before the next presidential election.

Shalanda Young, the White House budget director, and Steve Ricchetti, a senior aide to Biden, have been leading the talks on behalf of the president, while Patrick McHenry, the chair of the House financial services committee, and Garret Graves, a Louisiana lawmaker, have been doing the same for McCarthy.

The speaker was huddled with McCarthy and Graves in the US Capitol on Saturday, though they briefly left to buy Chipotle Mexican take-out for lunch.

Read the full article here

News Room May 27, 2023 May 27, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
UBS grants ‘goodwill payments’ to clients hit by Trump trading losses

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

The markets just don’t believe Trump on tariffs

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

China’s weaponisation of rare earths is a new kind of trade war

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Samsung profits take big hit from US chip controls and AI memory shortfalls

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Brics nations hit back at ‘emperor’ Donald Trump over tariff threats

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

- Advertisement -
Ad imageAd image

You Might Also Like

News

UBS grants ‘goodwill payments’ to clients hit by Trump trading losses

By News Room
News

The markets just don’t believe Trump on tariffs

By News Room
News

China’s weaponisation of rare earths is a new kind of trade war

By News Room
News

Samsung profits take big hit from US chip controls and AI memory shortfalls

By News Room
News

Brics nations hit back at ‘emperor’ Donald Trump over tariff threats

By News Room
News

Holding your nerve in Donald Trump’s tariff maelstrom

By News Room
News

Trump administration denies staff shortages hampered Texas flood alert

By News Room
News

Iran’s president says Israel tried to kill him during 12-day war

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?