Biden - McCarthy reach agreement in principle to raise debt ceiling
US President Joe Biden and top congressional Republican Kevin McCarthy appeared closer to a deal on Thursday to cut spending and raise the government’s $31.4 trillion debt limit.
According to a person familiar with the talks, the agreement will specify the total amount the government can spend on discretionary programs such as housing and education, but will not break it down into separate categories. According to another source, there is a gap of $70 billion between the two sides, which could exceed $1 trillion.
The White House said the two sides met on Thursday approx. Biden said they still haven’t agreed on where the cuts should be.
“I don’t believe that all of the burden should fall on middle class and working class Americans,” he told reporters.
It is not clear how much time to give Congress. The Treasury Department has warned that it will not be able to meet all its obligations by June 1, but said on Thursday it would sell $119 billion of outstanding debt, prompting market watchers to suggest that Will not done. An ironclad deadline.
“They have suggested in the past that they don’t announce bids because they don’t believe they have a way to negotiate,” said Gennady Goldberg, senior rate strategist at TD Securities in New York. “So I think it’s a positive sign.”
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