HomeEconomyWhite House, Republicans seek U.S. debt ceiling deal as deadline looms Economy White House, Republicans seek U.S. debt ceiling deal as deadline looms By inew May 25, 2023 0 25 views Share FacebookTwitterPinterestWhatsApp SPGI -1.% Add to/Remove from Watchlist Join the watch list Add location Location successfully added to: Please name your holding portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 10 1: 1: 11 1: 11 1: 25 Committee: Create New Watchlist 20132013 Create a new The shareholding combination is added to create 20111000 + add another position to close 65 Movement Control Order -1.% 400 Add/remove from watchlist Join the watch list Add location Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 10 Moira Warburton and Andy Sullivan Washington (Reuters) ) – The White House and congressional Republicans are expected to resume talks on Thursday to boost the administration’s dollar . One week left. Democratic President Joe Biden and House Speaker Kevin McCarthy are at odds over spending, taxes and jobs over anti-poverty plan demands. But both sides said they believed they could find common ground after hours of discussions between their negotiating teams on Wednesday, which they considered productive. “We’re going to continue to work on this issue and try to find a solution,” Congressional Republican Leader McCarthy said at the close of his negotiators on Wednesday. told reporters after a four-hour White House meeting. time is limited. The U.S. Treasury Department said the U.S. could run out of money to pay its bills as early as June 1, seven days from now, if the debt ceiling is not raised. A U.S. default could upend global financial markets and push the U.S. into recession. Ratings agency Fitch said on Wednesday it had placed the U.S. ‘AAA’ credit rating on negative watch, citing concerns surrounding the country’s debt. The political dispute over the cap has intensified. Fitch last placed the U.S. on Negative Watch in October 100. “Brinkmanship on debt ceiling, failure of US authorities to effectively address medium-term fiscal challenges …and growing debt burdens point to downside risks to U.S. creditworthiness,” Fitch said in its statement on Wednesday. The months-long impasse has rattled Wall Street, weighing on U.S. stocks and pushing up the nation’s borrowing costs. It will take days for Congress to pass any deal in the Republican-controlled House and Democratic-controlled Senate. Lawmakers often need to raise self-imposed debt limits to cover the cost of spending and tax cuts they have already approved. Representative Steve Scalise, the No. 2 House Republican, said the chamber’s lawmakers will have three Days to read any debt ceiling bill before voting on it. In the Senate, any lawmaker can delay action for a few days. The House was due to leave Washington on Thursday for the week-long Memorial Day recess, but Scalise warned lawmakers to prepare Fortunately, he was called back to Washington to vote when necessary. McCarthy insisted that any deal would have to cut discretionary spending next year and limit growth in spending for years to come to slow the buildup on the U.S. debt. Growth, now equals the economy’s annual output. Biden has proposed freezing spending at current levels next year and proposing a number of tax increases to help curb debt. Credit rating agency Moody’s (NYSE: 100 Movement Control Order ) said it could reassess its top rating for the U.S. government if lawmakers fail to reach a deal. Previous debt ceiling impasse at 50 Prompting rival rating agency S&P Global (NYSE: 400SPGI) lowered its rating. Lawmakers from both parties are unwilling to compromise. Hardline House Republicans insist that Biden must agree to the deep spending cuts they passed last month. Some Democrats have accused Republicans of holding the economy hostage to advance an agenda that would otherwise fall short. “They want to waste time, play games and make sure we default because they think it’s going to be a politics in some way advantage,” Democratic Rep. Ilhan Omar said at a news conference on Wednesday. Biden spent months Time said he wouldn’t be negotiating to raise the debt ceiling only to reverse course and begin talks with McCarthy over the past few weeks. The last time the federal government came close to defaulting was in 52, there is a similar power divide in Washington – a Democratic president and a Senate majority and a Republican-controlled House. 65 Share FacebookTwitterPinterestWhatsApp Previous articleFeinberg Forecast: Emmys Predictions Updated Three Weeks Before Nomination Voting OpensNext articleBest Online Slots Real Money Sites In 2023 inewhttps://inew.news RELATED ARTICLES Economy Bank of Canada hikes rates as alarmed by household spending, stubborn inflation June 8, 2023 Economy Goldman Sachs plans to tackle sluggish growth, rising inflation June 8, 2023 Economy Draghi: The fight against inflation is not over, rates will stay high for longer June 8, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! 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