Biden, McCarthy hopeful on debt ceiling deal, US president cuts Asia trip short
Last edited Tue May 16, 2023, 08:46 PM - Edit history (2)
Source: Reuters
WASHINGTON, May 16 (Reuters) - Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a looming U.S. debt default Tuesday, 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 of the House of Representatives, told reporters the two sides remained far apart on an agreement to lift the debt ceiling. But he said, "It is possible to get a deal by the end of the week. It's not that difficult to get to an agreement." Democrats were not as positive about a quick time frame, but the White House called the meetings "productive and direct." Biden said the leaders reached "an overwhelming consensus ... that defaulting on the debt is simply not an option. Our economy would fall into recession."
"There's still work to do," Biden said at a White House event honoring Jewish Americans, saying the parties were "on a path forward to make sure that America does not default on its debt for the first time." Biden said he was disappointed that Republicans will not consider ways to raise revenue. Raising taxes on the wealthy and companies to help pay for programs for other Americans is a key part of Biden's 2024 budget.
Biden met for about an hour with McCarthy, Senate Majority Leader Chuck Schumer, Senate Republican leader Mitch McConnell and House Democratic leader Hakeem Jeffries after their aides met over the weekend to try to strike a deal. Republicans have refused to vote to lift the debt ceiling past its $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."
Read more: https://www.reuters.com/markets/us/biden-mccarthy-meet-us-debt-ceiling-talks-come-down-wire-2023-05-16/
That talking point that is being bandied about is dealt with through a different vehicle - the Farm Bill, that is up for renewal this year and that is something that the Congressional Committees in the House and Senate need to deal with. It's not a "Presidential function".
ETA - from last update -
He had to give Kevin a piece of his mind -
Article updated.
Previous article -
After an hour of talks, McCarthy, the speaker of the House of Representatives, told reporters the two sides remained far apart on an agreement to lift the debt ceiling. But he said, "It is possible to get a deal by the end of the week. It's not that difficult to get to an agreement." Democrats were not as positive about a quick time frame, but the White House called the meetings "productive and direct."
"There is still work to do," Biden later at a White House event honoring Jewish Americans. "We're on a path forward to make sure America does not default on its debt." Biden said he was disappointed that Republicans will not consider ways to raise revenue. Raising taxes on the wealthy and companies to help pay for programs for other Americans is a key part of Biden's 2024 budget.
Biden met for about an hour with McCarthy, Senate Majority Leader Chuck Schumer, Senate Republican leader Mitch McConnell and House Democratic leader Hakeem Jeffries after their aides met over the weekend to try to strike a deal. Republicans have refused to vote to lift the debt ceiling past its $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."
Original article/headline -
WASHINGTON, May 16 (Reuters) - Democratic President Joe Biden and top congressional Republican Kevin McCarthy's U.S. debt ceiling negotiations ended on Tuesday after less than an hour, as the looming fear of an unprecedented American debt default prompted Biden to cut short an upcoming Asia trip.
But the meeting ended on an upbeat and unexpected note as McCarthy, coming out of the meeting with Biden and other congressional leaders, said, "It is possible to get a deal by the end of the week." House of Representatives Speaker McCarthy told reporters Biden is trying to reach a debt ceiling deal by June 1 to lift the threat of economic calamity
"We've got a lot of work to do in a short amount of time," McCarthy told reporters, saying the less-than-an-hour session had set the stage for future conversations. Biden and McCarthy sat down in the Oval Office with Senate Majority Leader Chuck Schumer, House Democratic leader Hakeem Jeffries and Senate Republican leader Mitch McConnell.
The president leaves on Wednesday for a three-day G7 summit in Japan, but a source said Biden decided on Tuesday to skip a stop to Papau New Guinea and Australia afterward. Ahead of the Oval Office meeting, Biden and McCarthy's aides have discussed the requirements for two key programs that provide food and cash aid to families, in the past week's negotiations over raising the government's $31.4 trillion debt ceiling to avoid an economically catastrophic default.
= new reply since forum marked as read
this type of thing will continue to happen.
Democrats have a Leader in the House and his name is Hakim Jeffries. But the media refuse or will barely mention his name. That is how you know they have the preset hysteria narrative in place so they can up their disaster capitalism ratings (because by golly, the "border chaos" they were pushing for, didn't pan out like they had hoped). 
