Negotiators have made some headway in the debt ceiling deadlock, according to USTreasury SecYellen. Yellen conveyed optimism that both sides have managed to find some common ground in recent days.
Yellen conveyed optimism that both sides have managed to find some common ground in recent days, despite President Joe Biden's follow-up meeting with congressional leaders slated for Friday getting postponed.“My understanding is that the meeting with leadership was postponed because the negotiators are making some progress and want to have something concrete to discuss with the leadership when they meet again,” Yellen said, per the Wall Street Journal. “I’m hopeful.
McCarthy has demanded any hike in the nation's $31.4 trillion borrowing limit, reached in January, be paired with spending cuts. Meanwhile, Biden and the Democrats have been adamant that the debt ceiling be lifted without any strings attached and have accused the GOP of holding the nation's economy hostage.Yellen did not elaborate on the specifics of the progress made.
Additionally, Republicans have sought dramatic cuts in spending as part of that package to the tune of roughly $4.8 trillion in deficit reduction over the next year, according to an estimate from the Congressional Budget Office. Some of their proposed cuts include Biden's Inflation Reduction Act. "Default would erase millions of jobs, trigger a recession, hit retirement accounts, and increase borrowing costs. It's not an option," Biden tweeted Saturday.
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