No agreement between Joe Biden and Kevin McCarthy
Even the summit meeting between the two sides did not solve the problem of the imminent bankruptcy of the United States. We want to continue talking soon.
Different points of view: Talks between US President Joe Biden and House Speaker Kevin McCarthy did not result in an agreement on the US budget.
Getty Images via AFP/Nathan Howard
In the spat between US President Joe Biden and the Republicans over raising the debt ceiling, even a major meeting of the two sides failed to reach an agreement. The speaker of the Republican-controlled House of Representatives, Kevin McCarthy, said on Wednesday that his talks with Biden had gone well. But there are still “different points of view”. There were no “agreements, no promises”.
“The president and I have been looking for a way to work together,” McCarthy said after the hour-long phone call at the White House. It was a “good discussion”, the talks must continue. “I think we will eventually find common ground.” It was the first meeting between Biden and McCarthy since the Republican was elected Speaker of the House in early January.
The United States is insolvent in the summer
By raising the debt ceiling, the government in Washington wants to avoid default in the United States. The cap has been suspended or raised dozens of times under presidents of both parties over the past few decades — and with majorities in both parties. But this time, some Republicans want to use their approval to raise the cap as a bargaining chip to push spending cuts.
In light of the Republicans’ blockade, US Treasury Secretary Janet Yellen introduced “extraordinary measures” in mid-January to avoid the country from default. She warned that a debt default would cause “irreparable damage” to the US economy, US citizens and global financial stability. It is estimated that the United States could become insolvent in the summer without an agreement.
In the November midterm elections, the Republicans won a slim majority in the House of Representatives. You can use it to block legislative initiatives by Democrats for President Biden.
AFP / chk
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