US President Joe Biden calls debt limit talks with congressional leaders 'productive' and appears to offer Republicans some possible compromises.
Biden, McCarthy, and the three other top congressional leaders were set to meet again on Friday, May 12.
“There’s a lot of politics and posturing, and that’s going to continue for a while,” Biden said, but political leaders are “getting to work.”McCarthy emphasized a lack of progress after the meeting. “I didn’t see any new movement,” McCarthy told reporters, complaining that Biden didn’t agree to talks until time was running out. “That’s not a way to govern,” he said.
Past debt ceiling fights have typically ended with a hastily arranged agreement in the final hours of negotiations, thus avoiding a default. In 2011, the scramble prompted a historic downgrade of the country’s top-notch credit rating. Veterans of that battle warn the current situation is riskier because political divides have widened.
Few countries in the world have debt ceiling laws, and Washington’s periodic lifting of the borrowing limit merely allows it to pay for spending Congress has already authorized.
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