Officials say there still is much work to be done before an agreement is reached.
talks between the White House and House Republicans stopped, started and stopped again Friday at the U.S. Capitol, a dizzying series of events in high-stakes negotiations to avoid a potentially catastrophic federal default. with Republicans led by House Speaker Kevin McCarthy as the nation faces a deadline as soon as June 1 to raise the country’s borrowing limit, now at $31 trillion, to keep paying the nation’s bills.
Another Republican negotiator, Rep. Patrick McHenry of North Carolina, was asked if he was confident an agreement over budget issues could be reached with the White House. He replied, “No.” White House communications director Ben LaBolt said Saturday that “Any serious budget negotiation must include discussion both of spending and of revenues, but Republicans have refused to discuss revenue.”
Republicans argue the nation’s deficit spending needs to get under control, aiming to roll back spending to fiscal 2022 levels and restrict future growth. But Biden’s team is countering that the caps Republicans proposed in their House-passed bill would amount to 30% reductions in some programs if Defense and veterans are spared, according to a memo from the Office of Management and Budget.
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