Sunday, June 4, 2023

Debt ceiling: talks between Biden government and Congressional leaders stalled

WASHINGTON — Debt ceiling talks between the Joe Biden administration and Congress have stalled, as acknowledged Friday by both sides, who have stepped up contact this week to try to reach an agreement.

Legislator Garrett Graves, the chief negotiator on the Republican negotiating team, indicated as he left a meeting that he had decided to hit the “pause” button because the discussion was not being “productive”.

And the same presidency also acknowledged the lack of progress: “There are real differences between the parties on budget issues and negotiations will be difficult. The president’s team is working hard to achieve a reasonable bipartisan solution that will be approved by the House.” May go.” And the Senate,” said a White House official.

Mitch McConnell, the leader of the conservative minority in the Senate, blamed Biden for the impasse because he had not addressed the matter first with the leader of the House of Representatives, the conservative Kevin McCarthy.

“They waited months before agreeing to a deal on spending with McCarthy. The two of them are the only ones who can reach an agreement. It’s time for the White House to get serious,” he said on Twitter. Money is.” Friday..

Time is against them as the current limit of $31.4 billion was reached last January.

The government is currently drawing on its reserves to pay off its debt, but the Treasury Department estimates that these reserves will run out on June 1.

Biden was confident this Wednesday that he would reach a deal and canceled his trip to Papua New Guinea and Australia after the G7 summit in Japan to return to Washington first and continue talks.

On the progressive side, however, there are already those calling for him to use the power granted by Constitutional Amendment No. 14 to raise the debt limit without congressional approval.

Left-wing Senator Bernie Sanders acknowledged on Thursday that it is not the “right solution” but doing so “will prevent the United States from continuing to pay its bills on time and from economic ruin and devastating cutbacks for some of the most vulnerable people in the country.” Will be allowed to escape.” ,

Biden and congressional leaders last met at the White House last Tuesday to discuss the debt ceiling, and at the end of that meeting McCarthy insisted they were still “far away” from reaching a satisfactory solution for everyone. Are.

Republicans are trying to make the debt limit conditional on the application of spending cuts, but the opposing camp opposes linking the two factors because, in Sanders’ words, “It would be catastrophic to approve a default on the debt.” Republican Proposal”.

Nation World News Desk
Nation World News Desk
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