The United States still has no prospect of raising the debt ceiling, the maximum amount that the government can borrow. President Joe Biden and Republican Chairman Kevin McCarthy sounded optimistic after a conversation in the White House, but according to US media, the substantive differences remain large.
In the absence of an agreement, the US would run out of money around June 1. This can have major economic consequences. Biden’s Democrats in Congress need the support of Republicans to raise the debt ceiling. They are positive about this, but to Biden’s chagrin they demand that government spending be cut in return.
The president complained last weekend that Republicans are making” unacceptable ” demands. Relations seemed to have improved after Monday’s meeting. Speaker McCarthy of the house of Representatives spoke of a “productive” discussion and also said that the tone of the talks was better than before. Biden called the meeting”productive.”
McCarthy expressed the expectation that he will consult with the president daily until an agreement can be reached. Such a deal must then also be worked out so that Congress can vote on it. President McCarthy has promised that parliamentarians will also have 72 hours to assess the content of the proposal.
Republicans, according to The New York Times, are hinting that a deal may not come until the situation is really dire. McCarthy was asked Monday night how to break the current stalemate in the negotiations. He responded, according to the newspaper, simply with the words: “June 1”.
About the author: Jeff Roper
Jeff Roper has been teaching journalism for more than five years. A theorist who nevertheless took up some practice. He is fond of the history of journalism and journalism.