HomeEconomyWhite House says U.S., GOP debt ceiling talks productive Economy White House says U.S., GOP debt ceiling talks productive By inew May 24, 2023 0 25 views Share FacebookTwitterPinterestWhatsApp SPGI -1.% Add/Remove from Watchlist Join the watch list Add Job Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 222 Movement Control Order -1.% 500 Add to/Remove from Watchlist Add to watch list Add location Location Successfully added to: Please name your Shareholding Portfolio type: purchase Sell date: quantity: price point value: Leverage: 1:1 1: 1: David Morgan, Andrea Shala Al and Moira Warburton WASHINGTON (Reuters) – Democratic President Joe Biden and Congressional Republican leader Kevin McCarthy Negotiators held what the White House called productive talks on Wednesday to try to reach a deal to boost the U.S. dollar .4 Trillion Debt Ceiling and Avoid Catastrophic Default. Time is running out as the Treasury Department warns the federal government may not be able to pay all of its bills by June 1 – just eight days later – with a few more days to go. It takes days to pass legislation through a narrowly divided Congress. U.S. bond giant Pimco said it believed negotiators needed to reach a deal by a deadline in the middle of this week. Biden and House Speaker McCarthy remain at odds on how to move forward. But White House spokeswoman Karin Jean-Pierre said the talks were still productive. “If it continues in good faith, we can have a deal here,” she told a briefing. McCarthy told reporters Wednesday that any deal would have to cut discretionary spending, not hold steady and not raise taxes as Biden is proposing. “I’m sending our negotiating team to the White House to try to close the negotiations,” McCarthy said. “The off-ramp here is here to fix the problem – it costs less than last year. It’s not hard.” He said he believed both parties will reach an agreement and avoid breach of contract. Any deal between Biden and McCarthy would have a narrow path through a divided Congress, with McCarthy’s Republicans holding 11-11 House Majority & Biden’s Democrats To Take Control Of The Senate- Profit. The compromises needed to win approval in both the House and Senate would also cost each party some votes from its most partisan members. The lack of progress fueled fears that Congress could inadvertently trigger a crisis by failing to act in a timely manner. “We’re definitely going to get to a place that’s too close to comfort,” said Shai Akabas of the Bipartisan Policy Center, a think-tank. Rating agency Moody’s (NYSE: 222MCO ) May change its MCO if lawmakers say they expect a default Assessment of US debt. Moody’s currently has a top-notch “Aaa” rating on U.S. debt, while rival rating agency S&P Global (NYSE: 222SPGI ) at downgraded rating later Debt ceiling showdown. A lower rating could drive up borrowing costs. The stock slipped The standoff spooked Wall Street, weighed on U.S. stocks and pushed up the nation’s borrowing costs. Treasury Secretary Janet Yellen said on Wednesday that the U.S. will not be able to pay all the bills it will receive until early June, adding that the It is difficult to say exactly what day the government will run out of resources. Economists say it would trigger a Wall Street crash and push the U.S. economy into recession, with a default hitting ordinary Americans as well. Health care providers who rely on government payments may be the first to feel the pinch. Republicans want cuts to discretionary spending 50 grew about 8% for the fiscal year that began in October, and Democrats have pushed to keep The speed is stable. Negotiators were divided over Republican proposals to impose new work requirements on entitlement programs for low-income Americans and loosen energy licensing rules. The White House has offered to limit discretionary spending for the next two years under the previous bipartisan budget agreement. Republicans have proposed spending caps for the next six years. Republicans rejected White House proposals to impose a minimum tax on corporations and billionaire producers, eliminate subsidies for oil and gas producers, and Expanding the government’s ability to negotiate lower prescription drug prices, said Democratic Representative Pramila Jayapal, who leads the 20 – Member of the Congressional Progressive Caucus. Congress is often required to raise the nation’s self-imposed debt limit to cover the cost of the spending and tax cuts it has already approved. All parties face opposition from within, Hardline Republicans are sticking to the deep spending cuts they passed in last month’s House bill, while progressive Democrats oppose cuts or new job requirements. Biden has spent months saying that he will not raise the debt ceiling only to reverse it in the past few weeks and Negotiations with McCarthy began. Share FacebookTwitterPinterestWhatsApp Previous article'Star Trek: Strange New Worlds' Trailer Teases 'Lower Decks' CrossoverNext articleBitcoin Sell-Side Risk Ratio Nears All-Time Lows, Big Move Soon? inewhttps://inew.news RELATED ARTICLES Economy ECB's Visco says lower energy prices should help curb inflation June 4, 2023 Economy Biden signs debt limit bill, averts U.S. default June 3, 2023 Economy Türkiye's Erdogan sworn in as new president June 3, 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! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. 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