The Washington standoff over raising the U.S. government's $31.4 trillion borrowing limit is adding to global economic worries, as a new non-partisan congressional report cited 'significant risk' of a historic default within the first two weeks of June.
The U.S. Capitol building is seen at sunset after a sixth round of voting for a new Speaker of the U.S. House failed to elect a new Speaker on the second day of the 118th Congress at the U.S. Capitol in Washington, U.S., January 4, 2023 REUTERS/Jonathan ErnstWhite House says talks going 'in the right direction'WASHINGTON, May 12 - The Washington standoff over raising the U.S. government's $31.
President Joe Biden and his Democratic colleagues in Congress have urged prompt action to raise the $31.4 trillion statutory limit on government borrowing without conditions since the beginning of the year.on future spending nailed down before they give the green light on more payments to cover borrowing on previously enacted spending.
White House spokesperson Karine Jean-Pierre told reporters that the staff-level talks, which started on Tuesday, have been "productive," though she declined to provide specifics. The standoff was starting to show its effects outside of Washington. On Friday, the University of Michigan reported its twice-monthly reading of consumer sentiment showed households have the bleakest view of the economy in six months, in no small part thanks to the debt ceiling showdown.
"Mr. President, stop lying," Republican Representative Anthony D'Esposito tweeted back to Biden, claiming the president was refusing to negotiate with Republicans in good faith.a default would be catastrophic. U.S. bonds are the foundation of the global financial system, and a default would rattle global markets and could trigger a recession, they warn.
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