House Speaker Kevin McCarthy said there was progress in talks with President Joe Biden on raising the government’s debt ceiling as the nation faces risk of default in little more than a week
Kevin McCarthy speaks with reporters at the U.S. Capitol, May 26, 2023. REUTERS/Jonathan Ernst
"Republicans want to cut spending. That's what we've offered with our approach to raising the debt ceiling, with work requirements for able bodied folks to get back in the workforce. Those things are big issues, and there's no way to sort of gloss that over," he said.Time is tight.
Progressive Democrats have also threatened to withhold support for some of the compromises raised, particularly around imposing new work requirements on federal anti-poverty programs.Republicans control the House by a 222-213 margin, while Democrats hold a 51-49 Senate majority, leaving a narrow path to pass any agreement by the Democratic president and Republican speaker into law.
"If Speaker's negotiators bring back in substance a clean debt limit increase ... one so large that it even protects Biden from the issue in the presidential ... it's war," Bishop, a member of the hardline House Freedom Caucus, wrote on Twitter on Saturday.Republicans have rejected Biden's proposed tax increases, and neither side has shown a willingness to take on the fast-growing health and retirement programs that will drive up debt sharply in the coming years.
Both programs expanded dramatically during the COVID-19 pandemic but have been scaled back in recent months.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden, McCarthy appear near to deal on US debt ceiling as default loomsU.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.
Read more »
McCarthy threatened with GOP rebellion over rumored debt-limit deal with BidenUltra-conservative lawmakers are up in arms over alleged details of a compromise that leaked out of the negotiations.
Read more »
Republican lawmakers, House Freedom Caucus demand Kevin McCarthy hold the line on debt ceiling negotiationsMembers of the right-wing House Freedom Caucus and other GOP lawmakers are pressuring Speaker Kevin McCarthy (R-Calif.) to stand firm in debt ceiling negotiations with President Biden.
Read more »
Biden says he, McCarthy had productive talks on debt ceilingU.S. President Joe Biden said he has had several productive conversations with House Speaker Kevin McCarthy in their standoff over the federal government's debt ceiling, adding that staff negotiators were continuing talks on Thursday afternoon.
Read more »
Biden, McCarthy appear near to deal on US debt ceiling as default loomsPresident 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.
Read more »
Biden, McCarthy appear near two-year deal on US debt ceiling as default loomsU.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items, a U.S. official told Reuters.
Read more »