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☆ Biden asks aides for options preventing future debt limit crisis
▼ + stars: | 2023-07-20 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

[1/2] US President Joe Biden addresses the nation on averting default and the Bipartisan Budget Agreement, in the Oval Office of the White House in Washington, DC, June 2, 2023. JIM WATSON/Pool via REUTERS/File PhotoWASHINGTON, July 20 (Reuters) - U.S. President Joe Biden asked a group of aides to explore "all legal and policy options" to prevent another debt limit standoff, the White House said on Thursday. The group includes Treasury Secretary Janet Yellen, Attorney General Merrick Garland, White House budget director Shalanda Young and Council of Economic Advisers chair Jared Bernstein. This year's bipartisan debt ceiling deal keeps fiscal 2024 spending flat at this year's levels, allowing a 1% increase for fiscal 2025. The deal was approved by 149 House Republicans - a strong party majority - along with 165 Democrats.

Persons: Joe Biden, JIM WATSON, Kevin McCarthy, Stuart Delery, Lael Brainard, Biden, Janet Yellen, General Merrick Garland, Shalanda Young, Jared Bernstein, Laurence Tribe, Morgan Stanley, Seth Carpenter, Trevor Hunnicutt, Leslie Adler, Stephen Coates Organizations: White, WASHINGTON, Democratic, Republican, National Economic, U.S . Constitution, Economic, Harvard Law School, Republicans, Thomson Locations: Washington , DC, United States, U.S .

☆ America's largest office tenant is embracing remote work, creating more pain for a market already in distress
▼ + stars: | 2023-07-03 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +7 min

The federal government is embracing remote work and cutting back its office footprint nationally. President Joe Biden and Donald Trump might not appear to agree on much, but when it comes to cutting back on office space, they're aligned. Now federal tenants are in for a new phase of belt-tightening as more accept remote and hybrid work, real estate experts say. "The majority of federal offices are still largely vacant on most days," said Darian LeBlanc, the director of government services at Cushman & Wakefield. So far, only the Department of Veterans Affairs has publicly said how it plans to use remote and hybrid work.

Persons: Joe Biden, Donald Trump, Barack Obama, Biden —, Darian LeBlanc, LeBlanc, Rachel Davis, Davis, — Davis, Bob Hunt, Martin Selig, Jesse Lawder, Selig, Shalanda Young, Denis McDonough, Cushman, JBG Smith, Christi, who's Organizations: —, Trump, Cushman &, Washington DC, General Services Administration, Department of Labor, Management, FBI, Securities and Exchange Commission, Environmental Protection Agency, Minerals Management Service, Department of Veterans Affairs, National Transportation Safety, L'Enfant Plaza, state's Department of General Services, National Association of State Locations: Cushman & Wakefield, United States, JLL, Seattle, Washington, L'Enfant, . Tennessee, Nashville, Knoxville, Memphis, Chattanooga, Branscom, California , Illinois, North Carolina, Florida

☆ McCarthy lauds debt US ceiling deal, House conservatives divided
▼ + stars: | 2023-06-04 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The debt ceiling deal keeps fiscal 2024 spending flat at this year's levels, allowing a 1% increase for fiscal 2025. "Speaker McCarthy's position is absolutely safe," U.S. Representative Garret Graves, a Louisiana Republican who helped negotiate the debt ceiling deal, told CBS' "Face the Nation". DEAL PASSES IN DIVIDED CONGRESSBuck said that McCarthy promised Republicans that he would cut spending levels to fiscal 2022 levels, not the higher 2023 levels agreed in the deal, making the deal a loss the party. The deal was approved by 149 House Republicans and 165 Democrats, strong majorities of both parties. On Friday, Fitch Ratings it would keep the U.S. top tier credit rating on "negative watch" until the third quarter due to concerns over repeated brinkmanship over the debt ceiling, along with rising debt and deficits.

Persons: Kevin McCarthy, Joe Biden, McCarthy, Ken Buck, Biden, Buck, Garret Graves, we've, Fitch, Shalanda Young, Young, David Lawder, Aurora Ellis Organizations: . House, Sunday, Democratic, Republican, Caucus, Republicans, Union, U.S, Louisiana Republican, CBS, Fox, Revenue Service, Freedom Caucus, Democrats, White, CNN, Thomson Locations: CNN's, U.S, Louisiana

☆ McCarthy lauds U.S. debt ceiling deal, House conservatives divided
▼ + stars: | 2023-06-04 | by ( David Lawder | ) www.reuters.com time to read: +4 min

It was one the president deployed once again behind closed doors at the White House. With Memorial Day on the horizon, senior White House officials said protecting veterans’ benefits was a top priority. They also knew it was a sensitive issue for Republicans’ politically, especially as House Republicans parried White House allegations about cuts to veterans’ services. White House officials would engage in conversations where their Republican counterparts would outline a potential resolution on issues. For months, White House officials hoped – and to some degree based on past battles, expected – Senate Republican Leader Mitch McConnell would engage in finding a resolution.

Persons: Joe Biden, Biden, “, ” Biden, Kevin McCarthy, simmered, Steve Ricchetti, Louisa Terrell, Shalanda Young, reticence, Biden didn’t, McCarthy, ’ carveouts, Republicans ’, Republicans parried, ” Terrell, ”, ” Young, Jeff Zients, –, would’ve, that’s, ” Zients, ” Ricchetti, Patrick McHenry, Young, Michael Linden, Ricchetti, McCarthy’s, Mitch McConnell, Terrell, McHenry, Garret Graves, Graves, Dan Meyer, they’ve, “ There’s, you’re, cleaver Organizations: CNN, Resolute, Legislative, White, Republican, FBI, Republicans, Internal Revenue Service, SNAP, Congressional, Office, Progressive, Young, White House, GOP, Biden, Republican Rep, Congress, dropoff, Air Force Academy Locations: Washington, Garret Graves of Louisiana, McHenry, Louisiana, Ukraine, Colorado

☆ McCarthy's moment: Debt ceiling vote secures Republican US House speaker's standing
▼ + stars: | 2023-06-01 | by ( David Morgan | ) www.reuters.com time to read: +7 min

"Keep underestimating us and we'll keep proving to the American public that we'll never give up," McCarthy told reporters after the vote. But in getting the April measure passed, House Republicans became the only body in Washington that had acted to raise the debt ceiling. "Speaker McCarthy's done an incredible job," said Representative Marjorie Taylor Greene, a member of the hardline Republican House Freedom Caucus. "This is where the honeymoon can definitely end," said Republican strategist Ron Bonjean, a one-time aide to former House Speaker Dennis Hastert. Asked this week whether he expects to keep his speakership, McCarthy told a reporter: "What do you think?

Persons: Kevin McCarthy, Joe Biden, McCarthy, Biden, we'll, Dusty Johnson, haven't, Johnson, wouldn't, Donald Trump, Trump, Republican Mitch McConnell, McConnell, Rohit Kumar, Mitch McConnell, Julia Nikhinson, Shalanda Young, McCarthy's, Marjorie Taylor Greene, Patrick McHenry, Garret Graves, Ralph Norman, Norman, that's, John Boehner, Ron Bonjean, Dennis Hastert, I'm, Kelly Armstrong, David Morgan, Steve Holland, Gram Slattery, Jason Lange, Scott Malone, Suzanne Goldenberg Organizations: U.S . House, Republican, Democratic, Democrats, White House, Reuters, Republicans, House Republicans, U.S, Capitol, REUTERS, House, Caucus, White, Thomson Locations: Washington, Washington . U.S, U.S, Washington , U.S

☆ McCarthy's moment: Debt ceiling win secures Republican US House speaker's standing
▼ + stars: | 2023-06-01 | by ( David Morgan | ) www.reuters.com time to read: +7 min

But in getting the April measure passed, House Republicans became the only body in Washington that had acted to raise the debt ceiling. The White House, for its part, contends that the talks between Biden and McCarthy were not a negotiation on the debt ceiling. "Speaker McCarthy's done an incredible job," said Representative Marjorie Taylor Greene, a member of the hardline Republican House Freedom Caucus. "This is where the honeymoon can definitely end," said Republican strategist Ron Bonjean, a one-time aide to former House Speaker Dennis Hastert. Asked this week whether he expects to keep his speakership, McCarthy told a reporter: "What do you think?

Persons: Kevin McCarthy, Joe Biden, McCarthy, Biden, Dusty Johnson, haven't, Johnson, wouldn't, Donald Trump, Trump, Republican Mitch McConnell, McConnell, Rohit Kumar, Mitch McConnell, Shalanda Young, McCarthy's, Marjorie Taylor Greene, Patrick McHenry, Garret Graves, Ralph Norman, Norman, that's, John Boehner, Ron Bonjean, Dennis Hastert, I'm, Kelly Armstrong, David Morgan, Steve Holland, Jason Lange, Scott Malone, Suzanne Goldenberg Organizations: U.S . House, Republican, Democratic, Democrats, White House, Reuters, Republicans, House Republicans, House, Caucus, White, Thomson Locations: Washington

☆ 'This bill does end the payment pause': What the debt ceiling deal means for student loan borrowers
▼ + stars: | 2023-06-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

"This bill does end the payment pause," Shalanda Young, director of the Office of Management and Budget, said in a press briefing . It also comes with a condition that the student loan payment pause end after August 30. As Young stated, the debt ceiling bill will lift the payment pause at the end of August. She highlighted that some Republicans wanted to eliminate the possibility of student loan forgiveness as part of debt ceiling negotiations. "Even though [the] House Republicans' bill sought to do away with [debt forgiveness], we saved it in this bill," Young said.

Persons: Shalanda Young, Joe Biden, Kevin McCarthy, Young, Biden, Education Miguel Cardona, they're Organizations: Management, Education, Spectrum, House Republicans

WASHINGTON, May 31 (Reuters) - A bill to suspend the U.S. government's $31.4 trillion debt ceiling and avert a disastrous default cleared a key procedural hurdle in the House of Representatives on Wednesday, setting the stage for an vote on the bipartisan debt deal itself. The procedural vote, which allows for the start of debate and then a vote on the bill itself, passed by a vote of 241-187, with 52 Democrats needed to overcome the opposition of 29 Republicans. [1/6] U.S. House Speaker Kevin McCarthy (R-CA) returns to his office from the House floor at the U.S. Capitol ahead of an expected vote in the U.S. House of Representatives on a bill raising the federal government's $31.4 trillion debt ceiling, in Washington, U.S., May 31, 2023. "I cannot, in good conscience, vote for the debt ceiling deal," Sanders said on Twitter. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill.

Persons: Kevin McCarthy's, Joe Biden's, McCarthy, Biden, Chuck Schumer, Mitch McConnell, Schumer, Chip Roy, Roy, Kevin McCarthy, Julia Nikhinson, Rand Paul, Bernie Sanders, Sanders, Shalanda Young, Biden's, Young, White, David Morgan, Richard Cowan, Moira Warburton, Julio, Cesar Chavez, Kanishka Singh, Scott Malone, Rosalba O'Brien, Alistair Bell Organizations: Kevin McCarthy's Republicans, Senate, Treasury, Republican, Office, ., U.S, Capitol, U.S . House, REUTERS, Twitter, White, Republicans, Internal Revenue Service, Democratic, Thomson Locations: U.S, Washington , U.S, Washington

The House Rules Committee late on Tuesday, in the first procedural vote on the contentious legislation, cleared the measure for debate in the full House on Wednesday. The solid Democratic opposition is not necessarily indicative of how the party would vote on the bill itself. "We are certainly punching above our weight," she told her fellow House Republicans. [1/4] U.S. House Speaker Kevin McCarthy (R-CA) returns to his office from the House floor at the U.S. Capitol ahead of an expected vote in the U.S. House of Representatives on a bill raising the federal government's $31.4 trillion debt ceiling, in Washington, U.S., May 31, 2023. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill.

Persons: Kevin McCarthy's, Joe Biden's, McCarthy, Biden, Chip Roy, Roy, Erin Houchin, Kevin McCarthy, Julia Nikhinson, Republican Mitt Romney, Dick Durbin, Shalanda Young, Biden's, Young, White, David Morgan, Richard Cowan, Moira Warburton, Julio, Cesar Chavez, Scott Malone, Rosalba O'Brien, Alistair Bell Organizations: U.S . House, Kevin McCarthy's Republicans, Twitter, Democratic, Treasury, Republican, White, Senate, Republicans, Office, ., U.S, Capitol, REUTERS, Senators, National Institutes of Health, Internal Revenue Service, Thomson Locations: U.S, Washington , U.S, Washington

The House Rules Committee late on Tuesday, in the first procedural vote on the contentious legislation, cleared the measure for debate in the full House on Wednesday. The solid Democratic opposition is not necessarily indicative of how the party would vote on the bill itself. "We are certainly punching above our weight," she told her fellow House Republicans. A successful House vote would send the bill to the Senate, where debate and voting could stretch into the weekend, especially if any one of the 100 senators try to slow its passage. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill.

Persons: Kevin McCarthy's, Joe Biden's, McCarthy, Biden, Chip Roy, Roy, Erin Houchin, Republican Mitt Romney, Dick Durbin, Shalanda Young, Biden's, Young, White, David Morgan, Richard Cowan, Moira Warburton, Julio, Cesar Chavez, Scott Malone, Himani Sarkar, Rosalba O'Brien Organizations: U.S . House, Kevin McCarthy's Republicans, Twitter, Democratic, Treasury, Republican, White, Senate, Republicans, Office, Senators, National Institutes of Health, Internal Revenue Service, Thomson Locations: U.S, Washington

The solid Democratic opposition is not necessarily indicative of how the 213-member party caucus would vote on the bill itself. But reflecting party divisions, Representative Erin Houchin countered that despite Democratic control of the White House and Senate, the bill would achieve significant Republican spending cuts. "We are certainly punching above our weight," she told her fellow House Republicans. White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill. A successful House vote would send the bill to the Senate, where debate and voting could stretch into the weekend, especially if any one of the 100 senators try to slow its passage.

Persons: Kevin McCarthy's, Joe Biden's, Biden, Chip Roy, Roy, Erin Houchin, Republican Mitt Romney, McCarthy, Dick Durbin, Shalanda Young, Biden's, Young, White, Richard Cowan, Moira Warburton, David Morgan, Scott Malone, Himani Organizations: U.S . House, Kevin McCarthy's Republicans, Democratic, Treasury, Republican, White, Senate, Republicans, Office, National Institutes of Health, Internal Revenue Service, Thomson Locations: U.S, Washington

That vote underscored the need for Democrats to help pass the measure in the House, which is controlled by Republicans with a narrow 222-213 majority. The Congressional Budget Office also said the measure, if enacted into law, would reduce interest on the public debt by $188 billion. Many Democrats in Congress did not want Biden to engage in budget-cutting negotiations with Republicans until they lifted their hold on enacting a debt limit bill. Jacquelyn Martin/Pool via REUTERS/File PhotoWhite House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the bill. The debt-ceiling standoff prompted ratings agencies to warn that they might downgrade U.S. debt, which underpins the global financial system.

Persons: Joe Biden, Kevin McCarthy, Chip Roy, Ralph Norman, Biden, McCarthy, we've, Wednesday's, Hakeem Jeffries, Calif, Jacquelyn Martin, Shalanda Young, Biden's, Young, Republican Mike Lee, White, Moira Warburton, David Morgan, Richard Cowan, Steve Holland, Gram Slattery, Scott Malone, Mark Porter, Matthew Lewis, Gerry Doyle, Himani Organizations: Republicans, Senate, Treasury Department, Treasury, Congressional, Republican, Democratic, Capitol, Internal Revenue Service, Thomson Locations: U.S, Washington

☆ Inside a debt ceiling standoff ‘far more dangerous than people will recognize’
▼ + stars: | 2023-05-31 | by ( Jeremy Diamond Lauren Fox Melanie Zanona Phil Mattingly Arlette Saenz Kevin Liptak | Jeremy Diamond | Lauren Fox | ) edition.cnn.com time to read: +17 min

“She’s well respected by both sides,” McCarthy said of the former longtime House Appropriations Committee staffer, according to White House officials. “Asking me about the communication (with the White House) implies there was communication,” one House Democrat said. For the White House negotiators, that meant late nights and early mornings. The White House negotiators left Capitol Hill abruptly and for hours, it was unclear when the conversations would resume. Quietly, White House negotiators had never actually stopped talking to their Republican counterparts.

Persons: Joe Biden, Kevin McCarthy, McCarthy, “, “ You’ve, ” Rep, Patrick McHenry, Biden, Steve Ricchetti, Shalanda Young, Louisa Terrell, ” McCarthy, James S, Alex Wong, Young, Garret Graves, ” Graves, Graves, Tom Cole of, ” Cole, White, Jeff Zients, McHenry, ‘, Chuck Schumer, Hakeem Jeffries, Ricchetti, ”, ” Terrell, Dan Meyer, –, apprised, decamping, ’, Anna Moneymaker, nonstarters, ” McHenry, McHenry –, —, Susan Walsh, businesslike, Biden’s, Eisenhower, Zients, Jose Luis Magana, Young –, Louisianans –, Jim Clyburn, Clyburn, Annie Kuster, ” Kuster, wasn’t, ” Young Organizations: CNN, White, ”, Republican, Legislative, Young, Management, Brady, Capitol, White House, GOP, McCarthy’s, Pennsylvania, Capitol Hill, U.S, Biden, Democrat, Democratic, Republicans, Building, Air Force, West Executive, LSU Tigers, South Carolina Democrat, New Democrat Coalition, Democrats Locations: Irish, Washington , DC, Louisiana, Tom Cole of Oklahoma, McHenry, Hiroshima, Japan, Washington

☆ Biden, McCarthy work to shore up support for debt ceiling bill ahead of House vote
▼ + stars: | 2023-05-31 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

WASHINGTON — House Speaker Kevin McCarthy and White House officials worked to shore up support for a bill that would raise the debt ceiling and cut government spending, as the House prepared to vote Wednesday night on the legislation. Large blocs of Democrats are also expected to vote against the bill, albeit more quietly. Raising the debt ceiling will require that the bill passes both the GOP-majority House and the Democratic-controlled Senate, a reality that made a compromise deal unavoidable. Rep. Pramila Jayapal, D-Wash., who chairs the Congressional Progressive Caucus, said Wednesday morning that she would vote against the bill on the House floor. Other groups, like the bipartisan Problem Solvers Caucus and the center-left New Democrat Coalition, have praised the bill.

Persons: Kevin McCarthy, Patrick McHenry, McCarthy, Joe Biden, Steve Ricchetti, Shalanda Young, Aviva Aron, Dine, John Podesta, Pramila Jayapal Organizations: WASHINGTON, White, Republican, GOP, CNBC, Democratic, Treasury Department, House Democrats, White House, Management, National Economic, Congressional Progressive Caucus, New Democrat Coalition

☆ Biden and McCarthy to meet on the debt ceiling with only 10 days until U.S. risks default
▼ + stars: | 2023-05-22 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

Biden joined Irish Taoiseach Leo Varadkar, Speaker of the House Kevin McCarthy (R-CA) and other members of Congress for the traditional St. Patrick's Day Friends of Ireland Luncheon. Biden and McCarthy are set to meet at 5:30 p.m. WASHINGTON — White House negotiators and representatives of House Speaker Kevin McCarthy resumed debt ceiling talks Monday morning, as President Joe Biden prepared to meet with McCarthy face to face with only 10 days to go until the U.S. risks default. Biden is hoping to reach a debt limit deal that would push the next deadline out past the 2024 presidential election. But House Republicans, who so far have endorsed only a one-year hike, say that if Biden wants more time, then he will need to agree to even more cuts.

WASHINGTON, May 19 (Reuters) - A second meeting on Friday between White House and Republican congressional negotiators on raising the federal government's $31.4 trillion debt ceiling broke up with no progress cited by either side and no additional meeting set. Senior White House adviser Steve Ricchetti left the meeting room telling reporters that he was "not assessing" the talks. A meeting earlier on Friday ended abruptly with McCarthy telling reporters there had not been any "movement" from the White House toward Republican demands. Biden and McCarthy spent most of the year in an impasse with the White House insisting on a "clean" increase in the debt ceiling without conditions. They agreed to two-way talks, with the White House represented by Shalanda Young, director of the Office of Management and Budget, and Ricchetti.

A White House official confirmed the talks were resuming. "We've got to get movement from the White House and we don't have any movement yet," McCarthy told reporters during the pause in talks. A White House official said: "There are real differences between the parties on budget issues and talks will be difficult. Biden and McCarthy spent most of the year in an impasse with the White House insisting on a "clean" increase in the debt ceiling without conditions. A White House official said a deal remained possible.

WASHINGTON, May 19 (Reuters) - U.S. House Republicans and President Joe Biden's Democratic administration on Friday paused talks on raising the federal government's $31.4 trillion debt ceiling, rattling financial markets as the deadline to avoid default ticked closer. Talks at the Capitol broke up around midday, and there was no immediate word on when they would resume. A White House official said: "There are real differences between the parties on budget issues and talks will be difficult. Biden and McCarthy spent most of the year in an impasse with the White House insisting on a "clean" increase in the debt ceiling without conditions. Young and Ricchetti told reporters they were going to play it "by ear" as they departed the negotiating sessions, according to reporters for NBC News and ABC News.

☆ Biden's team reports 'progress' in US debt ceiling talks
▼ + stars: | 2023-05-19 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +2 min

HIROSHIMA, Japan, May 19 (Reuters) - Democratic negotiators told President Joe Biden on Friday that they are making "steady progress" in talks with Republicans aimed at avoiding a U.S. default, according to a White House official. "The president’s team informed him that steady progress is being made," according to one of the officials, who declined to be named. Republicans have refused to vote to lift the debt ceiling past its $31.3 trillion limit unless Biden and his Democrats agree to spending cuts in the federal budget. In the meantime, White House adviser Steve Ricchetti, budget director Shalanda Young and legislative adviser Louisa Terrell are leading discussions for the administration. The current deadlock has rattled investors, sending the cost of insuring exposure to U.S. government debt to record highs.

☆ McCarthy says House could vote on debt ceiling deal as soon as next week
▼ + stars: | 2023-05-18 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

Speaker of the House Kevin McCarthy, R-Calif., conducts a news conference with house and senate Republicans on the "debt crisis," on the west plaza of the U.S. Capitol on Wednesday, May 17, 2023. WASHINGTON — House Speaker Kevin McCarthy said Thursday that he is optimistic that congressional negotiators could reach a deal to raise or suspend the debt ceiling in time to hold a House vote on it next week. This week, the White House dispatched two new negotiators to take the lead in the delicate talks, presidential counselor Steve Ricchetti and Office of Management and Budget director Shalanda Young. Despite the bitterly partisan divide in Congress over the debt limit, McCarthy nonetheless heaped praise on the White House team Thursday. Correction: McCarthy spoke about the debt ceiling deal Thursday.

☆ Biden Taps Two Negotiators to Reach Debt Ceiling Deal With Republicans
▼ + stars: | 2023-05-17 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

One of the biggest developments out of Tuesday’s debt ceiling meeting was President Biden’s selection of two officials to negotiate directly with aides to Speaker Kevin McCarthy: Shalanda Young, the director of the Office of Management and Budget, and Steve Ricchetti, a White House senior adviser. That decision appeared to mollify Mr. McCarthy, who noted after the meeting that “we finally have a formula that has proven to work in the past.”Ms. Young and Mr. Ricchetti bring years of experience working with lawmakers on both sides of the aisle to forge deals on critical pieces of legislation. But they will still face a difficult task in trying to reach an agreement to raise the debt ceiling ahead of a potential default as soon as June 1. They are expected to work closely with Louisa Terrell, the director of the White House Office of Legislative Affairs. Here’s a look at the two key players who will represent Mr. Biden as policymakers work to avoid what many say would be an economically devastating default.

☆ How the debt ceiling showdown could play into China’s hands and weaken US global power
▼ + stars: | 2023-05-17 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

One way to raise the debt ceiling might be to build a coalition of Republicans and moderate Democrats to isolate the extremists in his own party. “I cannot in good conscience support a debt ceiling proposal that pushes people into poverty,” Fetterman said. The length of a debt ceiling raise could also be an issue. Many Democrats want a deal that pushes the politically perilous need to raise the debt ceiling past the next election. Potentially, both chambers could vote on a short-term extension to raise the debt ceiling to allow time for more negotiations.

☆ Biden Says He Is Confident America Will Not Default on Its Debts
▼ + stars: | 2023-05-17 | by ( Zolan Kanno-Youngs | ) www.nytimes.com time to read: +1 min

Mr. Biden decided to cut the trip to Asia short to be back for what he called “final negotiations” over the ceiling, the statutory cap on how much the government can borrow to finance its obligations. He is scheduled to return to Washington on Sunday, skipping planned visits to Papua New Guinea and Australia. Mr. Biden echoed the optimism offered by both Democratic and Republican leaders after Tuesday’s meeting. “We narrowed the group to meet and hammer out our differences,” Mr. Biden said, adding that the negotiating teams met on Tuesday night and will meet again on Wednesday. The government reached the $31.4 trillion debt limit on Jan. 19, and the Treasury Department has been using a series of accounting maneuvers to keep paying its bills.

Democrats were not as positive about a quick time frame, but the White House called the meetings "productive and direct." Republicans have refused to vote to lift the debt ceiling past its $31.3 trillion limit unless Biden and his Democrats agree to spending cuts in the federal budget. Going forward, the talks will be narrowed for more engagement between House Republicans and the White House, McCarthy said. White House adviser Steve Ricchetti and budget director Shalanda Young will lead discussions for the administration. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters.

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