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Biden, congressional leaders to meet again on debt ceiling

President Joe Biden leads congressional leaders at the White House at a high-profile meeting that resonates around the world as early outlines of a potential deal begin to emerge, despite negotiations stalling. We are prepared to discuss the debt ceiling with The session comes as Mr. Biden prepares to depart for the Group of Seven (G7) Summit in Japan later this week, when the US leadership will be on the world stage. The president and House Speaker Kevin McCarthy are trying to reach a budget deal before the U.S. Treasury runs out of cash to keep paying the nation’s bills, which could be as early as June 1. . To do so,” McCarthy urged the president to act more quickly to avert a crisis. The Republican chairman says a deal is needed soon to avoid a default. Expectations that a deal is imminent are low. Rather, staff talks are likely to continue while the president is abroad. “We are not seeing progress,” McCarthy told reporters Monday. But Biden was optimistic, saying over the weekend: It will be the second time in a week that Biden has met with McCarthy of California and other congressional leaders at the White House. Video below: McCarthy ahead of second debt ceiling at his White House meeting: no deal His Biden is facing a politically divided Congress for the first time over the debt ceiling, but this is the president and McCarthy’s new president It will be a test for both presidents. Avoid the economic crisis that could be caused by a federal default. Senate Majority Leader Chuck Schumer of New York, Republican Senate Majority Leader Mitch McConnell of Kentucky, and Democratic House Leader Hakeem Jeffries of New York will also attend the meeting. Even as Democratic presidents and Republican speakers circle around the political issue of the issue, McCarthy, along with Biden, insists he is not negotiating a debt ceiling, and McCarthy is working to draw out spending cuts, but various There seems to be a possibility of an agreement in some areas. The talks have been held in the Capitol for most of the past week, with the White House and Congress discussing behind closed doors. Staff are debating what it takes to finalize a budget deal that will unlock another vote to raise the country’s borrowing capacity, currently set at $31 trillion. The video below is part of what is included in the debt ceiling and spending talks. The government approved reforms to recover about $30 billion in unspent Covid-19 funds, impose future budget caps, ease energy development, and increase government aid, according to people familiar with the talks. It is said that it will strengthen the work requirements for recipients. Mr. McCarthy complained. Ahead of Biden’s visit, McCarthy said that “an American president should be focused on American solutions,” saying his first meeting with Biden was more than 100 days ago and that the president will focus more on domestic issues. said it should. But Biden has argued that Republicans need to rule out the possibility of a debt default and consider budget issues separately from the need to raise the national debt ceiling. The president said it took much longer for McCarthy to put forward his own proposal because Republicans were unable to produce their own budget this year. As has been done countless times before, Janet put more pressure on Washington to reach a deal that would have to remove the debt limit so it could continue to borrow the payments already made. Treasury Secretary Janet Yellen said on Monday that the agency’s forecasts for X-Date, which could run out of funds for the United States as early as June 1, have not changed. VIDEO BELOW: Secretary Yellen Warns of ‘Economic Catastrophe’ If Debt Ceiling Stall Is Not Resolved, But Yellen Warned in Letter to Both Houses of Congress That Extending Term of National Debt Default Is Possible “The actual date when the Treasury will run out of special measures could be years away,” he said, leaving some room for uncertainty. Days to weeks later than these forecasts. She said she will report to Congress “as more information becomes available” next week. Time is running out. Congress has just a few days left before the Senate and Senate open to pass the bill. “It’s time for principals to get more aggressive and put the closers out there,” said South Dakota Senator John Tune, a leading Republican. “My impression is that there are too many cooks in the kitchen, too many people in the room, and not the right people.” , it is not at all clear that it is sufficient to Mr. McCarthy’s satisfaction. McCarthy-led Republicans have said Biden would cut spending, limit future spending, and other policy changes in a policy package passed by House Republicans last month. McCarthy said the House was the only one to take action to raise the debt ceiling. But the House bill is almost certain to be rejected by the Democratic-controlled Senate, and Biden has said he intends to veto it. Biden hinted over the weekend that certain Republican-backed government aid programs could accept tougher working conditions. It is being proposed as part of ongoing discussions. He has said he will not accept anything that strips citizens of their health insurance, and raising the debt ceiling will not allow new federal spending. It would only allow borrowing to pay amounts already approved by Congress. As June 1 approaches, the bipartisan Congressional Budget Office warned of a “significant risk” of default in the first two weeks of next month. The CBO pointed out if that is the case. The Treasury Department’s cash flow and the “temporary measures” currently in place by the ministry will allow bills to continue to be paid until June 15, and the government will likely be able to fund operations through the end of July. deaf. That’s because the tax revenue and other actions expected in mid-June will keep the federal government well-funded for at least a few more weeks. ___ Associated Press reporter Kevin Freaking contributed to this report.

Despite faltering negotiations and early outlines of a possible deal are beginning to emerge, President Joe Biden is speaking to Congress at the White House at a high-profile meeting that resonates around the world. I am ready to discuss the debt ceiling with my leaders.

Tuesday afternoon’s session raises the stakes as Biden prepares to depart for the G7 summit in Japan later this week, when US leaders will take to the world stage. . The president and House Speaker Kevin McCarthy are trying to reach a budget deal before the U.S. Treasury runs out of money to keep paying the nation’s bills, which could happen as early as June 1. be.

Mr. Biden remains optimistic that “it can happen,” while Mr. McCarthy has urged the president to act more quickly to avoid a crisis. The Republican chairman says a deal is needed soon to avoid a default. Expectations that a deal is imminent are low. Rather, staff talks are likely to continue while the president is abroad.

“We are not seeing progress,” McCarthy told reporters on Monday.

But Mr. Biden was optimistic last weekend, saying, “They have the desire and we have the desire to reach a deal.”

It will be the second time in a week that Biden has met with McCarthy of California and other congressional leaders at the White House.

Video below: House Speaker McCarthy ‘no deal’ at White House meeting ahead of second debt ceiling

Biden faces a politically divided Congress for the first time over the debt ceiling, as the president and new chairman McCarthy work to avert an economic crisis that could come from a federal default. will be a test for both. The meeting will also include Senate Majority Leader Chuck Schumer of New York, Senate Republican Majority Leader Mitch McConnell of Kentucky, and House Democratic Leader Hakeem Jeffries of New York.

Even as Democratic presidents and Republican chairmen revolve around the political debate on the issue — Biden insists he’s not negotiating a debt ceiling and McCarthy is trying to pull out spending cuts — various areas. A deal seems likely.

Talks have been going on behind closed doors in the Capitol for most of the past week as to what it takes to finalize a budget deal that would allow the White House and congressional staff to vote individually to boost the country’s borrowing capacity. are discussing It is set at $31 trillion.

Video below: Here are some of the things involved in debt ceilings and spending talks

Items on the table include recovering about $30 billion in unused COVID-19 funding, imposing future budget caps and permitting reforms to ease energy development, according to people familiar with the talks. These include recognition and increased labor requirements for recipients of government assistance.

McCarthy said he first met Biden more than 100 days ago and complained of slow progress in talks, saying the president should focus more on domestic issues.

“A president of the United States should focus on the American solution,” McCarthy said ahead of Biden’s visit.

But Biden has argued that Republicans need to rule out the possibility of a debt default and consider budget issues separately from the need to raise the national debt ceiling. The president said it took McCarthy a long time to put forward his own proposal after Republicans failed to formulate their own budget this year.

Debt limits must be lifted, as has been done many times before, to allow continued borrowing to pay already outstanding bills.

Pressure on the U.S. to reach a deal mounts, and Treasury Secretary Janet Yellen said Monday that the U.S. could run out of money by an X date, which could be as early as June 1. He said no change.

Video below: Yellen warns of ‘economic catastrophe’ if debt ceiling impasse is not resolved

But Yellen, in a letter to both houses of Congress, left some room for a possible extension of the sovereign debt default, saying that “the actual date for the Treasury to take extraordinary action may be earlier than those estimates.” It could be delayed by days or weeks,” he said.

He said he will report to Congress next week “as more information becomes available.”

Time is running out. Congress has just a few days before the opening of both houses of Congress to pass the bill.

“It’s time for principals to get more aggressive and put the closers out there,” said South Dakota Senator John Tune, a leading Republican. “My impression is that there are too many cooks in the kitchen, too many people in the room, and not the right people.”

The details of a potential budget deal remain politically thorny, and whether the proposal is sufficient to satisfy McCarthy’s far-right wing in the House of Representatives, or is nearly impossible to secure. It’s not at all clear that it will be accepted by the sizeable democrats who certainly need the votes. final deal.

McCarthy’s Republicans want Biden to accept proposals for spending cuts, limits on future spending and other policy changes included in a policy package passed by House Republicans last month. McCarthy said the House was the only one to take action to raise the debt ceiling. But the House bill is almost certain to be defeated in the Democratic-controlled Senate, and Biden has said he intends to veto it.

Biden hinted over the weekend that he could accept tougher working conditions for certain government-supported programs proposed by Republicans as part of ongoing discussions. He said he would not accept anything that robs people of their health insurance.

If the debt ceiling is raised, no new federal spending will be allowed. It would only allow borrowing to pay amounts already approved by Congress.

As June 1 approaches, the bipartisan Congressional Budget Office warned of a “significant risk” of default within the first two weeks of next month.

The CBO noted that if the Treasury Department’s cash flow and the “temporary measures” the ministry is currently implementing allow it to continue paying bills through June 15, the government will probably be able to finance the project through the end of July. Tax revenues and other measures expected in mid-June will keep the federal government well-funded for at least a few more weeks.

___

Associated Press reporter Kevin Freaking contributed to this report.

https://www.wgal.com/article/biden-and-congressional-leaders-to-meet-again-to-discuss-debt-ceiling/43899466 Biden, congressional leaders to meet again on debt ceiling

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