President Joe Biden and House Speaker Kevin McCarthy talk about the way forward as the possibility of U.S. default looms.
to pay the nation's bills, but told reporters at the G-7 summit in Japan that there probably isn't enough time before a proposed deadline of June 1.- which says the"validity of the public debt . shall not be questioned" - Biden also questioned whether enough time is left to try such a maneuver.
to pay the nation's bills, but told reporters at the G-7 summit in Japan that there probably isn't enough time before a proposed deadline of June 1.- which says the"validity of the public debt ... shall not be questioned" - Biden also questioned whether enough time is left to try such a maneuver. "I think we have the authority," Biden said."The question is, could it be done and invoked in time … We have not come up with unilateral action that could succeed in a matter of two weeks or three weeks. That’s the issue. So it’s up to lawmakers." Biden also protested the fact that Republicans are unwilling to entertain the idea of closing the federal budget deficit by raising taxes on the wealthy.There is some uncertainty as to the"real" deadline here., appearing on NBC's Meet The Press, said the true deadline is up in the air and the government could conceivably pay its bills beyond June 1 - but not for long. "There's always uncertainty about tax receipts and spending," Yellen said."And so it's hard to be absolutely certain about this, but my assessment is that the odds of reaching June 15th, while being able to pay all of our bills, is quite low." Yellen also echoed warnings about a default that would gut markets worldwide and probably hasten a recession. Yellen told NBC thatexisting government programs, from Social Security and Medicare to military pay. "There can be no acceptable outcomes if the debt ceiling isn't raised, regardless of what decisions we make," Yellen said.Republicans blame Biden Appearing on Fox News' Sunday Morning Futures, McCarthy said he would speak with Biden on Sunday about the way forward. While Biden was at the G-7, White House and House Republican teams negotiated, but broke off talks over ongoing disputes.the more liberal members of his partyBiden would"rather be the first president in history to default on the debt than to risk upsetting the radical socialists who are calling the shots for Democrats right now," McCarthy tweeted over the weekend. McCarthy and other Republicans are also being pushed by ex-President and 2024 candidate Donald Trump, who has said the GOP should beMembers of Congress also appeared on the Sunday shows to warn about the consequences of default, and to blame the other guys for the impasse.D-Md., speaking on ABC's This Week, said Trump-like Republicans are trying to use the debt ceiling to extort unfair spending cuts from the Biden administration and other Republicans. "What we have right now is Speaker McCarthy and MAGA House Republicans saying that they’re going to push the default detonator and blow up our economy if they don’t get their way on their budget proposals," Van Hollen said."That would destroy the American economy.", appearing on CNN's"State of the Union," said Biden needs to exercise leadership. Cassidy, citing different estimates by different administration officials, also said it would be helpful to know when exactly the government might default.
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Senate adjourns for recess as Biden-McCarthy debt limit row hits critical impasseSenators are en route home from Washington for a planned weeklong recess as negotiators for House Speaker Kevin McCarthy (R-CA) and President Joe Biden struggle to reach a deal to avert a debt default.
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How in the World Are the Democrats Getting Rolled by Kevin McCarthy?Their best spin will have to be “This ransom we paid doesn’t really do anything.”
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McCarthy says debt ceiling negotiations paused until Biden returnsThere are no meetings currently scheduled for Saturday between White House and GOP negotiators, multiple sources familiar with the matter told ABC News.
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Biden, House Speaker McCarthy to speak on debt limit“We’re going to get a chance to talk later today,” Biden said of McCarthy, R-Calif., while the president met with the leaders of Japan and South Korea at the G7 in Hiroshima, Japan.
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Biden plans call with House Speaker McCarthy Sunday on debt limit By Reuters*BIDEN PLANS CALL WITH HOUSE SPEAKER MCCARTHY SUNDAY ON DEBT LIMIT AS TALKS STALL 🇺🇸🇺🇸
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Biden: GOP must move off 'extreme' positions in stalled debt limit talksBiden said he had done his part in trying to raising the debt ceiling so the U.S. government can keep paying its bills, agreeing to cut spending. “Now it’s time for the other side to move from their extreme position,” he said.
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