Global Courant 2023-05-16 06:02:08
STORY: Democratic and Republican aides were at work trying to reach agreement on spending levels and energy regulations ahead of a Tuesday 3 p.m. EDT (1900 GMT) meeting between Biden, McCarthy and the three other top congressional leaders.
But McCarthy said he saw little sign of progress ahead of McCarthy’s meeting with Senate Majority Leader Chuck Schumer, Republican Mitch McConnell and Democrat Hakeem Jeffries.
“I don’t think we’re in a good place,” McCarthy told reporters at a news conference
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Biden made no public comments on Monday about the state of negotiations, after telling reporters on Sunday that he thought both sides wanted to reach a deal. “I think we will succeed,” he said.
Biden’s trip will leave little time for the two sides to reach a deal before the US runs out of money to pay its bills, which Treasury officials say could come as early as June 1.
A first-ever US bankruptcy would plunge the country into recession and create chaos in global financial markets, economists say, and the impasse is beginning to worry investors and consumers.
Republicans, who control the House, have said they will not vote to raise the debt ceiling unless Democrats agree to major cuts.