7/1/2023 0 Comments Hype house addressSecretary Yellen continues to make that clear," Jeffries told reporters. Top House Democrat Hakeem Jeffries dismissed that skepticism as unfounded. Why is June 1 the drop dead?" Representative Ralph Norman said. "Secretary Yellen needs to not only testify, but in writing, she needs to justify her dates that she's given. could run short of cash as soon as June 1, or perhaps in the days following. Some hardline members of the Republican House Freedom Caucus on Tuesday said they were skeptical of how firm the June 1 deadline is. Hardline Republicans and progressive Democrats both voiced anger at the idea of compromise.ĭemocratic Representative Pramila Jayapal, who chairs the 101-member Congressional Progressive Caucus, said "the vast majority" of the group's members would oppose any deal that included spending cuts or new work requirements for federal benefit programs for low-income Americans, both of which are major Republican demands. It could easily take a week to pass a deal through the House and Senate, which would both need to approve the bill before Biden could sign it into law. If and when Biden and McCarthy reach a deal, they will still need to sell it to their caucuses in Congress. McCarthy told reporters on Monday that he expected to talk with Biden daily at least by telephone. McCarthy said he will not approve tax increases. The idea was rejected by Republicans, who want spending cuts.īiden wants to cut the deficit by raising taxes on the wealthy and closing tax loopholes for the oil and pharmaceutical industries. stocks sharply lower on Tuesday and global markets on edge.ĭemocrats want to freeze spending for the 2024 fiscal year that begins in October at the levels adopted in 2023, arguing that would represent a spending cut because agency budgets won't match inflation. The lack of clear progress continued to weigh on Wall Street with U.S. "And what we're trying to get to is a budget that is reasonable, that is bipartisan, that Democrats and Republicans in the House and Senate will be able to vote on and agree on." "Both sides have to understand that they're not going to get everything that they want," Jean-Pierre said at a briefing. White House spokesperson Karine Jean-Pierre called the talks "incredibly tough." The two sides still disagree on spending and it was not clear when talks would resume, said Republican Representative Patrick McHenry, who chairs the House Finance Committee. Treasury Secretary Janet Yellen has warned that the federal government could no longer have enough money to pay all its bills as soon as June 1, which would cause a default that would hammer the U.S. "We had very good discussions," McCarthy told reporters. They left without making substantive comments to media. White House negotiators Shalanda Young, director of the Office of Management and Budget, and senior White House adviser Steve Ricchetti, met with their Republican counterparts for about two hours. The two parties remain deeply divided about how to rein in the federal deficit, with Democrats arguing wealthy Americans and businesses should pay more taxes while Republicans want spending cuts. May 23 (Reuters) - Representatives of President Joe Biden and congressional Republicans ended another round of debt ceiling talks on Tuesday with no signs of progress as the deadline to raise the government's $31.4 trillion borrowing limit or risk default ticked closer.
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