Debt limit talks came to an abrupt standstill after Republican House Speaker Kevin McCarthy said it’s time to “pause' negotiations.
During a press conference on Thursday, Senator Bernie Sanders and other democratic leaders called on President Biden to invoke the 14th amendment. This comes as the debt ceiling deadline looms and a decision hasn't been made yet.
FILE - Rep. Patrick McHenry, R-N.C., is seen after a meeting of the House Republican Conference on Tuesday, April 18, 2023. Negotiators met for a third day behind closed doors at the Capitol with hopes of settling on an agreement this weekend before possible House votes next week. They face a looming deadline as soon as June 1 when the Treasury Department has said it will run out of cash to pay the government’s incurred debt.
But McCarthy is facing a hard-right flank of Freedom Caucus and other Republican lawmakers that almost certain to oppose any deal with the White House.The internal political dynamics confronting the embattled McCarthy leaves the Democrats skeptical of giving away too much to the Republicans that drives away the Democratic support they will need to pass any compromise through the Congress.
The S&P 500 went from a gain of 0.3% to a loss of 0.1% and the Dow Jones Industrial Average went from a gain of 117 points to a loss of about 90 points. Another Republican negotiator, Rep. Patrick McHenry of North Carolina, said, "There is a "serious gap" between the sides.
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House Democrats begin 'Hail Mary' attempt to go around Speaker McCarthy and raise the debt limitHouse Democrats on Wednesday filed a discharge petition, a long-shot procedural move that could force a vote on a debt limit increase if bipartisan negotiations fall apart.
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GOP negotiator says it’s time to ‘press pause’ on debt limit talks with White HousePresident Joe Biden’s administration is racing to strike a deal with Republicans led by McCarthy as the nation careens toward a potentially catastrophic debt default if the government fails to increase the borrowing limit to keep paying the nation’s bills.
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Debt limit talks in standstill as Republicans, White House face 'real differences'Debt limit talks came to an abrupt standstill after Republican House Speaker Kevin McCarthy said it’s time to “pause” negotiations. A White House official acknowledged there are “real differences” that are making talks difficult. Wall Street markets were down Friday amid the developments. It's not clear when the talks will resume. Biden’s administration is racing to strike a deal with Republicans as the nation careens toward a potentially catastrophic debt default if the nation fails to pay its bills. McCarthy says it's an “easy” problem to resolve by cutting government spending.
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Debt Limit Talks in Standstill as Republicans, White House Face ‘Real Differences’The Biden administration is racing to strike a deal with Republicans as the nation careens toward a potentially catastrophic debt default if the government fails to increase the borrowing limit, now at $31 trillion, to keep paying the nation’s bills.
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Speaker McCarthy's secret weapon in the debt ceiling negotiations is paying offWhen the Republicans in the House passed the “Limit, Save, Grow Act' in April official Washington was shocked. Now, President Biden and Democrats find themselves in an unusual position.
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