Referring to the House bill, McCarthy said, “We both said default is not an option - but only one of us took action.”Īlready looking past the meeting, Biden on Wednesday is to go to Westchester County, New York, where he plans to deliver a speech on how proposed spending cuts approved by House Republicans could hurt teachers, older adults needing food aid and veterans seeking health care.
Republicans hope that bill would achieve $4.5 trillion in deficit savings through cuts in spending, eliminating tax breaks for investing in clean energy, and reversing Biden’s plans to reduce the burdens of student loan debt. But that legislation has no chance in the Democratic Senate and the White House has threatened to veto it. Last month, House Republicans passed a sweeping bill to slash spending, an opening offer in negotiations. Default, officials say, threatens to disrupt Social Security payments to retirees, destabilize global markets and tilt the nation into a potentially debilitating recession. The chasm between these opposite postures had fomented uncertainty that is roiling financial markets and threatens to turn into a tidal wave that swamps the country’s economy. White House lawyers will pursue the idea further, he added, but “the problem is it would have to be litigated.”īefore the White House meeting, both McCarthy and White House press secretary Karine Jean-Pierre insisted it would be simple to avert default - if only the other side capitulated.
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Biden, on the other hand, reinforced his opposition to allowing the country’s full faith and credit to be held “hostage” to negotiations - while affirming his willingness to hold talks on the budget only after default is no longer a threat. Republicans came to the White House hoping to negotiate sweeping cuts to federal spending in exchange for allowing new borrowing to avoid default.
That failure would send the country into default with wide-reaching economic impact at home and around the world.
The government is bumping up against its legal limit for borrowing and will not be able to pay all of its bills as soon as June 1 if Congress doesn’t agree to raise the debt ceiling. Biden and the congressional leaders are to meet again Friday.Īfter the hourlong discussion in the Oval Office, Biden said he was “absolutely certain” that the country could avert a default, declaring that failure to meet America’s obligations “is not an option.” Lawmakers and their staffs were to continue discussions on the annual federal budget at Biden’s encouragement. Speaking at the White House, Biden described the talks as “productive” even though House Speaker Kevin McCarthy said after the high-stakes Oval Office meeting that he “didn’t see any new movement” toward resolving the stalemate. Although football is the most popular sport in Africa we strive to serve fans of various sports with up to date information about their passion, including basketball, tennis, boxing, wrestling, golf, cricket, swimming, taekwondo, karate, judo, running, long jump, high jump, motorsport, cycling, volleyball, among many others.WASHINGTON (AP) - President Joe Biden and congressional leaders confronted each other on the debt limit impasse Tuesday, ending their meeting with no breakthrough but agreeing to meet again this week to try to avert the looming risk of an unprecedented government default. Sports247 takes you into the activities and achievements of our various national teams and leagues via the latest Nigeria sports news blog, our sportspeople abroad, discovery of new talents in the grassroots and in the Diaspora. Wherever and whenever you find a sports event or happening anywhere in the world we will go all out to bring you the news and gist first before any other media. We go all out to get you the latest news stories, images, and videos for you to get the bigger picture. Sports247 is Nigeria’s first dedicated Grassroots Sports Platform, a one-stop website for the latest Nigeria Sports news around the world with more focus on Nigeria and Africa respectively as it pertains to sportsmen, women, events, and administration. Sports247 brings you the latest Nigeria Sports news, all updates on the latest Sports News in Nigeria, Nigeria footballers abroad and the Nigeria Football league updates, Latest NPFL updates.
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