As the debt default deadline nears and negotiators remain at odds, CBS News' NikolenDC asks Speaker McCarthy what the 'off ramp' is. McCarthy says it's 'to solve the problem, to spend less than we spent last year. That's not that difficult.”
House Speaker Kevin McCarthy said Wednesday that House Republicans and the White House remain"far apart" on reaching consensus on a plan toMcCarthy told reporters on Capitol Hill that the GOP negotiators, Reps. Patrick McHenry and Garret Graves, are resuming talks with Biden administration officials on the White House campus in hopes of brokering a deal to avert a default on the country's $31.4 trillion debt.
Still, McCarthy placed the blame for the political standoff squarely on the White House and Democrats, and he accused President Biden of brushing off calls to engage in negotiations for weeks after anin February. The two most recently met one-on-one Monday, while their top negotiators have continued working to hammer out a deal.
"They could have lifted the debt ceiling prior to me becoming speaker," he said."They knew the outcome of the election already, they knew we were taking power. They passed an omnibus bill but they decided not to do the rising of the debt ceiling." Yellen said Wednesday that it appears likely the U.S. will not be able to pay all of its bills come early June absent congressional action, echoing warnings she has made to lawmakers.
"We are committed to not having missed payments and raising the debt ceiling so that's not a situation we face," Yellen said."We're not involved in planning for what happens if there's a default."
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US House Speaker McCarthy: Meeting with Biden was productive but no debt ceiling dealUS House Speaker McCarthy: Meeting with Biden was productive but no debt ceiling deal – by anilpanchal7 UnitedStates RiskAversion FiscalPolicy Politics NewsTrading
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Biden 'optimistic' on debt ceiling as White House negotiation with McCarthy underwayPresident Joe Biden and House Speaker Kevin McCarthy are meeting at the White House on the impasse over the government's debt ceiling. Washington is racing to strike a budget compromise and raise the nation’s borrowing limit in time to avert a potentially devastating federal default as soon as next week. Biden says he's optimisitic. McCarthy told reporters Monday it's time to “get moving” toward a deal. The negotiating teams wrapped up three hours of morning talks at the Capitol. After a weekend of start-stop talks, both Biden and McCarthy appeared upbeat as they face a deadline, as soon as June 1, when the government could run out of cash to pay its bills.
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McCarthy warns White House to reach debt-limit deal this weekHouse Speaker Kevin McCarthy warned Monday that any deal with President Biden over raising the debt limit must be completed by the end of this week to avert a default on the government’s obligations by June 1.
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No debt ceiling agreement in White House meeting, though Biden and McCarthy call talks productivePresident Biden and House Speaker Kevin McCarthy say they and their lead negotiators have had a productive meeting on the impasse over the government's debt ceiling.
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No debt ceiling agreement in White House meeting, though Biden and McCarthy call talks productivePresident Joe Biden and House Speaker Kevin McCarthy say they and their lead negotiators have had a productive meeting at the White House on the impasse over the government's debt ceiling
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McCarthy warns White House and GOP ‘nowhere near a deal’ on debt ceilingHouse Speaker Kevin McCarthy (R-CA) warned Republican lawmakers that his team is “nowhere near a deal” with the White House on the debt ceiling, ramping up pressure on President Joe Biden just nine days before the default deadline.
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