26-05-2023, 07:24 AM
Biden, McCarthy appear near to deal on US debt ceiling as default looms
U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to be nearing a deal to cut spending and raise the government's $31.4 trillion debt ceiling, with little time to spare to head off the risk of default.
The deal would specify the total amount the government could spend on discretionary programs like housing and education, according to a person familiar with the talks, but not break that down into individual categories. The two sides are just $70 billion apart on a total figure that would be well over $1 trillion, according to another source.
The two sides met virtually on Thursday, the White House said. Biden said they still disagreed where the cuts should fall.
"I don't believe the whole burden should fall back to middle class and working-class Americans," he told reporters. read more
https://www.reuters.com/markets/us/white...023-05-25/
U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to be nearing a deal to cut spending and raise the government's $31.4 trillion debt ceiling, with little time to spare to head off the risk of default.
The deal would specify the total amount the government could spend on discretionary programs like housing and education, according to a person familiar with the talks, but not break that down into individual categories. The two sides are just $70 billion apart on a total figure that would be well over $1 trillion, according to another source.
The two sides met virtually on Thursday, the White House said. Biden said they still disagreed where the cuts should fall.
"I don't believe the whole burden should fall back to middle class and working-class Americans," he told reporters. read more
https://www.reuters.com/markets/us/white...023-05-25/