As the deadline for raising the debt ceiling approaches, President Joe Biden and Republicans must come to an agreement on what measures to take to avoid defaulting on the national debt.
, their initial challenge on Tuesday will be to agree on what exactly they’re talking about as they hold their first substantive meeting in months., raising the specter of potential economic calamity, Republicans are coming to the White House hoping to negotiate sweeping cuts to federal spending in exchange for allowing new borrowing to avoid default.
Biden's Oval Office meeting with House Speaker Kevin McCarthy, House Democratic leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell was set to begin at 4 p.m. — after U.S. financial markets close for the day.White House says GOP plans would add $3 trillion to national debt
Already looking past the meeting, Biden on Wednesday is set to go to Westchester County, N.Y., where he plans to deliver a speech on how proposed spending cuts approved by House Republicans could hurt teachers, older adults needing food aid and veterans seeking health care. By contrast, the bill that passed the House with Republican votes would achieve $4.5 trillion in deficit savings through cuts in spending, eliminating tax breaks for investing in clean energy, and reversing Biden’s plans to reduce the burdens of student loan debt.
"Securing a bipartisan path forward to raise the debt ceiling could not be more urgent," said Josh Bolten, the head of the Business Roundtable, a group that represents CEOs. "The cost of a default, or even the threat of a default, is simply too high." Notably, though, the administration has not ruled out a short-term increase in the debt limit that would align the deadline to increase federal borrowing authority with the talks on government spending that must be resolved by Sept. 30.
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