WASHINGTON: President Joe Biden convened a high-stakes meeting with Republican leaders on Tuesday (May 9) in hopes of breaking an impasse over the US debt limit - with repercussions that could extend to next year's presidential election. The White House gathering at 4pm involves Biden, House Speaker K
WASHINGTON: President Joe Biden convened a high-stakes meeting with Republican leaders on Tuesday in hopes of breaking an impasse over the US debt limit - with repercussions that could extend to next year's presidential election.
But raising the borrowing limit, currently at US$31.4 trillion, has been a contentious issue in recent years, with congressional Republicans pushing for spending curbs and a smaller budget deficit in exchange for lifting the ceiling.This year, McCarthy and his Republican Party have decided to say no to a debt ceiling hike - unless Democrats first agree to sweeping budget cuts.
Yellen has also had conversations with CEOs to discuss the dangers of brinkmanship, a source familiar with the matter confirmed to AFP.On Tuesday, Biden and the Republican leaders were joined by the top Democrats in Congress: House Minority Leader Hakeem Jeffries and Senate Majority Leader Chuck Schumer.
Biden has repeatedly called for a"clean" lifting of the US borrowing limit, arguing that the deficit spending has already been approved by Congress and is therefore not up for debate.Jeffries, in an interview Sunday, would not commit to supporting a short-term debt ceiling extension, saying the"only responsible" move is to approve a clean increase.
It remains unclear when the government will run out of funds, but the Treasury has warned it could happen as early as Jun 1. This date means Treasury payments will likely be disrupted for a few days"until a mid-June surge of tax payments materializes" and helps with revenue flows.
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