Global Courant 2023-05-26 00:45:30
WASHINGTON
US President Joe Biden and Republican Speaker of the House Kevin McCarthy on Thursday signaled progress towards a hitherto difficult deal to increase the national debt and prevent economic collapse.
Biden told reporters during a White House event that he and McCarthy “had several productive conversations, and actually our staff were continuing to talk and making progress as we spoke.”
“I’ve made it clear over and over again that not paying our national debt is not an option. The American people deserve to know that social security payments will be there, veterans’ hospitals will remain open and economic progress will be made, and we will continue to do so,” he said.
“Default puts all that at risk. Congressional leaders understand this, and they all agree that there will be no default. It’s time for Congress to act. Now,” he added.
Speaking to reporters on Capitol Hill, McCarthy also voiced optimism about the possibility of reaching a deal, saying that negotiators from his team and Biden were working to finalize a deal after midnight Wednesday, and talks resumed Thursday morning.
He acknowledged that neither side would receive all of the demands they entered into negotiations. “I don’t think everyone will be happy at the end of the day,” he said.
Lawmakers are leaving Washington for the Memorial Day long weekend, but the timing of votes in the House and Senate is far from clear.
Republicans who control the House of Representatives have demanded that any action to raise the debt ceiling, or the amount of money the United States is legally allowed to borrow, be paired with budget cuts.
White House spokeswoman Karine Jean-Pierre declined to comment on a Republican lawmaker’s prediction for a deal to be reached Friday afternoon, but reiterated that McCarthy said neither side would leave the negotiations with everything they wanted.
“Both sides won’t get everything they want. And that’s what we’re working towards. That’s what you see from the negotiating team,” he said.
The Treasury Department warned that US funds could run out as early as June 1.
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