• Write for Us
  • Advertise
  • About
  • Contact
Monday, September 25, 2023
British Herald
Advertisement
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion
No Result
View All Result
British Herald
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion
No Result
View All Result
British Herald
Home Business

Republicans and White House Find Common Ground in US Debt Ceiling Talks

Editorial Desk by Editorial Desk
May 25, 2023
0
75
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

Negotiators representing President Joe Biden and top congressional Republican Kevin McCarthy engaged in productive talks on Wednesday to find a solution for raising the United States’ $31.4 trillion debt ceiling and avoiding a disastrous default.

You might also like

Rishi Sunak considers banning cigarettes for next generation

India stops new visas for Canadians , asks Ottawa to downsize missions as spat worsens

Warner Bros to expand Barbie movie studios in UK

Following a four-hour meeting at the White House, U.S. House Speaker McCarthy expressed optimism, highlighting the improvement in negotiations and their continuation in the evening. Although several issues still need resolution, McCarthy confidently predicted the reaching of an agreement.

“We have made notable progress during our discussions. This is a positive development,” McCarthy stated to reporters. “I am committed to ensuring that we arrive at the right agreement, and it seems we are moving in that direction.”

Amid ongoing discussions, White House spokesperson Karine Jean-Pierre expressed satisfaction with the productive nature of the talks.

“If it keeps going in good faith, we can get to an agreement here,” she said at a briefing while discussions were taking place.

The White House and congressional Democrats criticized Republicans, alleging that they are using the economy as leverage to push forward an agenda that would struggle to gain support otherwise. They emphasized the need for Republicans to make additional concessions since Democratic votes will be essential to pass any potential agreement. The accusation emerged during discussions concerning the debt ceiling issue.

“Just listen to members of The House Freedom Caucus… now openly referring to the full faith and credit of the United States as a hostage,” Jean-Pierre, the White House spokesperson, said

The impasse between McCarthy and Biden regarding spending has garnered attention from ratings agencies. McCarthy is advocating for spending cuts, while Biden aims to maintain current spending levels. This difference in approach has become a focal point of discussions surrounding the issue.

“AAA” Ratings

Fitch put the United States’ “AAA” ratings on negative watch on Wednesday. The agency stated its belief that “risks have increased” regarding the raising of the debt ceiling before the so-called X-date, the point at which the Treasury exhausts its funds. The agency further noted that “heightened political partisanship… is impeding the achievement of a resolution.”

A White House spokesperson said the Fitch rating is “one more piece of evidence that default is not an option and all responsible lawmakers understand that. It reinforces the need for Congress to quickly pass a reasonable, bipartisan agreement to prevent default.”

Moody’s, another rating agency, might change its assessment of U.S. debt if lawmakers indicate a default is expected. Moody’s currently has a top-notch “AAA” rating for U.S. debt, while rival rating agency S&P Global lowered its rating following a 2011 debt-ceiling showdown. A lower rating could push up borrowing costs.

Time is running short, as the Treasury Department has warned the federal government could be unable to pay all its bills by as soon as June 1 – just eight days away – and it will take several days to pass legislation through the narrowly divided Congress.

Memorial Day

House Republican leaders said they would adjourn on Thursday for a week-long Memorial Day holiday recess scheduled, but would call lawmakers back if needed for any votes, Punchbowl News reported.

McCarthy has insisted that any deal must not raise taxes and must cut discretionary spending, not hold it steady as Biden has proposed.

Any deal that Biden and McCarthy reach will have a narrow path for passage through the divided Congress, where McCarthy’s Republicans hold a 222-213 House majority and Biden’s Democrats control the Senate by a 51-49 margin.

The lack of progress has heightened concerns that Congress could inadvertently trigger a crisis by failing to act in time.

“We’re certainly getting to a place that’s too close for comfort,” said Shai Akabas of the Bipartisan Policy Center, a think tank.

Tags: AmericaBritish Heraldfiannce newsfinancejoe bidenNewsUSUS Debt Ceiling TalksUS election
Share30Tweet19
Editorial Desk

Editorial Desk

Recommended For You

Rishi Sunak considers banning cigarettes for next generation

September 23, 2023
Rishi Sunak is planning on banning cigarettes , barring the next generation from purchasing cigarettes

Rishi Sunak is planning on banning cigarettes , barring the next generation from purchasing cigarettes, according to information obtained by The Guardian. Sources within Whitehall have indicated that...

Read more

India stops new visas for Canadians , asks Ottawa to downsize missions as spat worsens

September 23, 2023
India stops new visas for Canadians

On Thursday, India took the step of suspending new visas for Canadians and requested that Ottawa reduce its diplomatic presence within India, significantly escalating a dispute triggered by...

Read more

Warner Bros to expand Barbie movie studios in UK

September 22, 2023
Warner Bros Barbie movie

Warner Bros Discovery has unveiled an extensive expansion project for the UK studios, known for hosting much of the Barbie movie production. This initiative is set to increase...

Read more

Amazon drops planned merchant fee as FTC lawsuit looms

September 21, 2023
Amazon

Amazon.com (AMZN.O) has abandoned its plan to levy an additional merchant fee on merchants who opt not to use its shipping services, according to a company spokesperson, signaling...

Read more

Twitter ranks worst in climate change misinformation report

September 21, 2023
Twitter climate change report

Twitter (recently rebranded as X) received the lowest score among five major tech platforms when evaluated for its efforts to combat climate change misinformation, according to the Climate...

Read more
No Result
View All Result
Rugby World Cup 2023 : England players

Rugby World Cup 2023 : England players told to stay in France during Rugby World Cup ‘rest’ week.

September 25, 2023
Asteroid Bennu samples

Osiris-Rex: Nasa confirms return of asteroid Bennu samples

September 25, 2023
Max Verstappen

Max Verstappen on brink of F1 world title after winning Japanese Grand Prix

September 24, 2023

Tags

australia boris johnson brexit britain British Herald CHINA Coronavirus coronavirus outbreak COVID-19 COVID-19 Vaccine daily roundup Donald Trump Dubai expo 2020 england europe European Union facebook France germany Hong Kong india iran israel italy japan joe biden lockdown London News new zealand north korea politics Rishi Sunak russia south korea spain taiwan trending Trump turkey Twitter UK Ukraine usa worldnews
British Herald

Top News in World: Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

CATEGORIES

  • Africa
  • Articles
  • Asia
  • Brand Feature
  • Business
  • Climate & Environment
  • Companies
  • Crypto
  • Culture and Lifestyle
  • Daily Roundup
  • Economics
  • ECONOMY
  • Entertainment
  • Europe
  • Fashion
  • Finance
  • Financial Markets
  • Fintech
  • Health
  • IN UK 01
  • IN UK 02
  • Investing
  • Latin America
  • Market
  • Middle East
  • Oceania
  • Opinion
  • Pharma/BioTech
  • Politics
  • Reviews
  • Science & Technology
  • Sport
  • Sustainability
  • Tech
  • Technology
  • Travel
  • UK
  • Uncategorized
  • USA
  • Videos
  • World

BROWSE BY TAGS

australia boris johnson brexit britain British Herald CHINA Coronavirus coronavirus outbreak COVID-19 COVID-19 Vaccine daily roundup Donald Trump Dubai expo 2020 england europe European Union facebook France germany Hong Kong india iran israel italy japan joe biden lockdown London News new zealand north korea politics Rishi Sunak russia south korea spain taiwan trending Trump turkey Twitter UK Ukraine usa worldnews

Herald Media Network Limited (UK). 2023. ALL RIGHTS RESERVED.

No Result
View All Result
  • Home
  • World
    • UK
    • Europe
    • Asia
    • Africa
    • Oceania
    • USA
    • Middle East
    • Latin America
  • Politics
  • Business
    • ECONOMY
    • Financial Markets
    • Companies
  • Sport
  • Fintech
  • Videos
  • BH Magazine
  • More
    • Health
    • Entertainment
    • Science & Technology
    • Climate & Environment
    • Sustainability
    • Food and Travel
    • Fashion
    • Culture and Lifestyle
    • Articles
    • Opinion

Herald Media Network Limited (UK). 2023. ALL RIGHTS RESERVED.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Go to mobile version