DIRS.INFO The most relevant business & tech news

[1/3] U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. Here's what we know so far:A CAP ON DISCRETIONARY SPENDINGThe deal would suspend the $31.4 trillion debt ceiling until January of 2025, allowing the U.S. government to pay its bills. Republicans have told their members that non-defense discretionary spending would be cut to 2022 levels, apart from veterans' healthcare, which would remain fully funded. The U.S. government will spend $936 billion on non-defense discretionary spending in 2023. However, other sources say the deal codifies relief from student loan payments while Biden's executive action providing up to $20,000 of debt relief per borrower is under review by the Supreme Court.

However just ahead of the expected call between Biden and McCarthy, Republican deal negotiator Patrick McHenry told reporters "major disagreement" remained between his party and Biden's Democrats. That's what we've offered with our approach to raising the debt ceiling, with work requirements for able bodied folks to get back in the workforce. The two sides have tentatively reached an agreement that would raise the debt ceiling by enough to cover the country's borrowing needs through the November 2024 presidential election. Republican Representative Dan Bishop reacted with anger to the idea of extending the debt ceiling through the next presidential election. A failure by Congress to raise its self-imposed debt ceiling before June 5 could trigger a default that would shake financial markets and send the United States into a deep recession.

"Things are looking good," Biden told reporters. "I'm hopeful," said McHenry, one of House of Representatives Speaker Kevin McCarthy's lead negotiators with the White House. Negotiators are discussing a deal that would lift the limit for two years, but remain at odds over whether to stiffen work requirements for some anti-poverty programs. WORK REQUIREMENTS IN DISPUTEThe safety-net programs remained a sticking point. Biden in particular has resisted the work requirements for Medicaid, which covered 85 million Americans as of January.

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.

Search resuls for: "Steve Holland Moira Warburton"

4 mentions found