*BIDEN, MCCARTHY APPEAR NEAR TWO-YEAR DEAL ON U.S. DEBT CEILING AS DEFAULT LOOMS 🇺🇸🇺🇸
WASHINGTON -U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items, a U.S. official told Reuters.
A second U.S. official said IRS funding is an open issue, but the main thrust is ensuring the agency executes the president's priorities, even if there is a small haircut or funding is moved around. It is unclear precisely how much time Congress has left to act. The Treasury Department was warned that it could be unable to cover all its obligations as soon as June 1, but on Thursday said it would sell $119 billion worth of debt that will come due on that date, suggesting to some market watchers that it was not an iron-clad deadline.
"I don't think everybody's going to be happy at the end of the day. That's not how the system works," McCarthy said.
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President Biden and Speaker McCarthy talk while debt ceiling default loomsPolitical Gabfest: White House v. House Republicans is dangerous game with U.S. and world economies at stake
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Biden, McCarthy appear near to deal on US debt ceiling as default loomsU.S. President Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to be nearing a deal to cut spending and raise the government's $31.4 trillion debt ceiling, with little time to spare to head off the risk of default.
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Biden, McCarthy appear near to deal on US debt ceiling as default loomsPresident Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to be nearing a deal to cut spending and raise the government's $31.4 trillion debt ceiling, with little time to spare to head off the risk of default.
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Biden, McCarthy appear near two-year deal on US debt ceiling as default loomsU.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items, a U.S. official told Reuters.
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House conservatives blanch at leaked details of McCarthy-Biden debt talksThe group was already unlikely to support a final bipartisan deal, but lingering anger with Kevin McCarthy could have lasting implications on his speakership.
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Democrats acknowledge Biden-McCarthy debt limit deal will likely bow to GOPDemocrats are starting to acknowledge that even the best possible deal President Biden can strike with House Speaker Kevin McCarthy on the debt limit will present a loss for the party.
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