There was no big breakthrough at yesterday’s debt ceiling meeting between congressional leaders and President Biden, but they will keep talking. kaylatausche has the latest.
Congressional leaders and President Joe Biden left a White House meeting without appearing to make progress toward a deal to address the debt ceiling.The U.S. risks a default and economic catastrophe if Congress fails to hike the borrowing limit.
"Everyone in the meeting understood the risk of default," Biden said. "I made clear during our meeting that default is not an option." U.S. House Speaker Kevin McCarthy , talks to reporters following debt limit talks with U.S. President Joe Biden and Congressional leaders at the White House in Washington, May 9, 2023.Every leader present except for McCarthy agreed to remove the threat of default when asked by Biden, according to Democratic leaders at the meeting.
"There are large differences between the parties. If you look at what President Biden had proposed and you look at what Speaker McCarthy has proposed, they're very, very different," Schumer said. "We can try to come together on those in a budget and appropriations process but to use the risk of default, with all the dangers that has to the American people, as a hostage and say it's my way or no way, or mostly my way or no way, is dangerous.
"House Democrats have taken default off the table; Senate Democrats have taken default off the table; Senate Republicans, as just indicated by Leader McConnell, have taken default off the table; President Biden from the very beginning took default off the table," Jeffries said. "There's one group in Washington, D.C., extreme MAGA Republicans, who have indicated they are willing to take us down a path of default. That is reckless, irresponsible and extreme.
The Treasury Department has started to take extraordinary steps to keep paying the government's bills, and expects to be able to avoid a first-ever default at least until early June. Treasury Secretary Janet YellenDefaulting on sovereign debt would wreak havoc on the economy and roil markets around the world. A Moody's report last year said a default on Treasury bonds could throw the U.S. economy into a tailspin as bad as the Great Recession.
With tight margins in both chambers of Congress, gridlock is nothing new. But when it comes to default ultimatums, the president has pleaded with lawmakers to engage in"As I've said all along, we can debate where to cut, how much to spend, how to finally overhaul the tax system to where everybody has to pay their fair share or continue the route their on, but not under the threat of default," Biden said on Friday. "Let's remove the threat of default.
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