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☆ With Debt Limit Deal in Hand, McCarthy and Biden Turn to Task of Selling It
▼ + stars: | 2023-05-28 | by ( Luke Broadwater | Chris Cameron | ) www.nytimes.com time to read: +1 min

“Terrible policy, absolutely terrible policy,” Representative Pramila Jayapal, Democrat of Washington, said on CNN’s “State of the Union,” referring to the work requirements for food stamps and other public benefit programs. Some on the right had already ruled out doing so before seeing the details. “No one claiming to be a conservative could justify a YES vote,” Representative Bob Good, Republican of Virginia and a member of the House Freedom Caucus, wrote on Twitter. Representative Dan Bishop, Republican of North Carolina, posted his reaction to news of the deal: a vomit emoji. Some Senate Republicans, who under that chamber’s rules have more tools to slow consideration of legislation, were also up in arms.

☆ McCarthy may need Democrat support to pass the debt ceiling deal and a secret group of moderates may be there to catch him if the GOP revolts, report says
▼ + stars: | 2023-05-28 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

President Biden and House Speaker McCarthy reached a debt ceiling agreement yesterday. The proposal must pass in the House, where some GOP members have said they won't support it. A group of Democrats has formed to help carry the bill if GOP members revolt, Politico reported. "We'll protect him if he does the right thing," Politico reported one of the House Democrats involved in the talks said. "I don't think McCarthy's the kind of guy who wants this to be his kind of legacy," Politico reported the representative said.

☆ Biden and McCarthy reportedly have agreed to debt ceiling deal
▼ + stars: | 2023-05-27 | by ( ) www.cnbc.com time to read: +4 min

Speaker of the House Kevin McCarthy, R-Calif., talks with reporters about the debt ceiling negotiations in the U.S. Capitol's Statuary Hall on Wednesday, May 24, 2023. U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate, Punchbowl News reported on Saturday. "House Republicans have an agreement in principle with the White House on a debt-limit deal. Exact details of the final deal were not immediately available, but negotiators have agreed to cap non-defense discretionary spending at 2023 levels for two years, in exchange for a debt ceiling increase over a similar period, sources told Reuters earlier. McCarthy has vowed to give House members 72 hours to read the legislation before bringing it to the floor for a vote.

Persons: Kevin McCarthy, Joe Biden, Biden, McCarthy Organizations: Punchbowl News, Republicans, White, Twitter, Treasury Department, Internal Revenue Service, Reuters, Democratic, Republican, Congress, Democrat Locations: U.S, United States, Washington

According to a person familiar with the agreement, it also would impose new work requirements for some recipients of government aid, including food stamps and the Temporary Assistance for Needy Families program. It would place new limits on how long certain recipients of food stamps — people under the age of 54, who do not have children — could benefit from the program. The work requirements and the environmental review reforms were among the last details the two sides worked out on Saturday. Economists and Wall Street analysts warned that a default would be devastating and potentially lead to a global economic meltdown. To avert a default, the House and the Senate must pass the deal and send it to Mr. Biden for his signature.

President Biden and Speaker Kevin McCarthy spoke by telephone on Saturday evening as White House and congressional Republicans worked feverishly to cement a deal to raise the nation’s debt ceiling and avert a fiscal crisis. The call took place after Representative Patrick T. McHenry, Republican of North Carolina and one of the lead negotiators, told reporters on Capitol Hill earlier Saturday that the parties were either “hours or days” away from an agreement. Two people close to the talks who insisted on anonymity to discuss the state of play said the conversation between Mr. Biden and Mr. McCarthy — who have not spoken directly since they met at the White House six days ago — would determine whether a final agreement could be reached later Saturday or negotiations would have to continue. “Big, thorny issues remain — some that the president and the speaker have to resolve at that level,” said Mr. McHenry, who has been involved in negotiations for 11 days.

☆ Factbox: What's in the debt ceiling deal Biden, McCarthy are negotiating?
▼ + stars: | 2023-05-26 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +4 min

WASHINGTON, May 26 (Reuters) - U.S. President Joe Biden and House Republican Speaker Kevin McCarthy are nearing a deal to lift the debt ceiling that would trim some U.S. federal spending. Here's what we know so far:A CAP ON DISCRETIONARY SPENDINGThe deal under consideration would lift the debt ceiling in exchange for holding non-defense discretionary spending around current year levels. INCREASED DEFENSE SPENDINGThe deal under consideration could boost defense spending to around $885 billion, in line with Biden's 2024 budget spending proposal. COVID CLAWBACKBiden and McCarthy are expected to agree to clawback unused COVID relief funds as part of the budget deal, including funding that had been set aside for vaccine research and disaster relief. ENERGY PERMITTINGA plan to make it easier for energy projects - including fossil-fuel based ones - is expected to be part of any budget deal.

☆ Republicans question June 1 debt ceiling deadline as talks zero in on potential trade-offs
▼ + stars: | 2023-05-23 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +4 min

Andrew Caballero-Reynolds | AFP | Getty ImagesWASHINGTON — A significant group of House Republicans raised questions Tuesday about whether the Treasury Department's June 1 deadline to avoid a potential U.S. debt default was accurate. "We'd like to see more transparency on how they come to that date," House Majority Leader Rep. Steve Scalise said Tuesday at a news conference. "We're getting closer," McCarthy told reporters late Monday, adding that the "circle" of issues was becoming "smaller, smaller, smaller." A Republican negotiator, Rep. Patrick McHenry, N.C., told reporters that spending was still the biggest hurdle to an agreement. Rep. Garret Graves, R-La., left, and Rep. Patrick McHenry, R-N.C., speak to reporters about debt ceiling negotiations as they leave the House Republicans' caucus meeting at the Capitol Hill Club in Washington, May 23, 2023.

Persons: Kevin McCarthy, Joe Biden, Andrew Caballero, Reynolds, Steve Scalise, Scalise, Janet Yellen's, Nathan Howard, Biden, We're, McCarthy, Karine Jean, Pierre, Jean, Pierre said, Katherine Clark, Elise Stefanik, Patrick McHenry, Garret Graves, Bill Clark Organizations: White, AFP, Getty Images WASHINGTON, House Republicans, Treasury, Republican, Bloomberg, Getty, CNBC, US, Democratic, Courage for America, Capitol, Getty Images House Republicans, Rep, Republicans, Capitol Hill Club, CQ, Inc Locations: Washington ,, United States, California, Washington , DC, U.S, N.C, R, Washington

☆ Biden and McCarthy to Meet in Hopes of Reviving Debt Talks
▼ + stars: | 2023-05-22 | by ( Katie Rogers | Catie Edmondson | ) www.nytimes.com time to read: +1 min

President Biden and Speaker Kevin McCarthy will meet on Monday afternoon in an effort to revive talks to avert a default on the nation’s debt after negotiations faltered over the weekend. The meeting, which is scheduled for 5:30 p.m. at the White House, comes after negotiators clashed over Republicans’ demands to cut spending in exchange for raising the debt limit. Late Sunday, Mr. Biden said he had spoken with Mr. McCarthy on the flight home from a summit meeting in Japan, saying it “went well.”With the United States at risk of defaulting for the first time, hopes for a breakthrough dimmed in recent days after Mr. McCarthy and his negotiators declared a “pause” to the talks. That set off a back-and-forth, with Mr. Biden’s aides countering that Republicans were backsliding on key areas of negotiation. But Mr. Biden has been openly skeptical that the measure would work.

☆ US economy on the brink as time runs low to avert debt default
▼ + stars: | 2023-05-22 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

After a weekend of acrimony between negotiators for House Republicans and the White House, Biden will meet House Speaker Kevin McCarthy Monday for critical talks on pulling the economy back from the precipice. Biden and McCarthy to meet MondayThe rhetoric eased a little, however, after Biden and McCarthy spoke as the president flew home on Air Force One. McCarthy already passed a bill raising the debt ceiling in exchange for a wish list of Republican demands. This is a balance of power that ought to drive both sides towards a compromise, but extremist elements in the House GOP could make that impossible. Like McCarthy, Biden also faces political pressure within his own party after some progressive Democrats expressed fears he would offer the speaker too much in any deal.

☆ Here’s What’s Dividing Republicans and Biden in Debt-Limit Talks
▼ + stars: | 2023-05-21 | by ( Catie Edmondson | Jim Tankersley | ) www.nytimes.com time to read: +1 min

President Biden and Speaker Kevin McCarthy remain far apart on key issues in discussions over raising the nation’s borrowing limit and avoiding a damaging default, including on caps for federal spending, new work requirements for some recipients of federal antipoverty assistance and funding meant to help the I.R.S. crack down on high earners and corporations that evade taxes. The two men were set to speak by phone on Sunday in hopes of re-energizing the sputtering talks, after a weekend in which Republican leaders and White House officials have traded accusations from half a world away. The call, as Mr. Biden wraps up the Group of 7 summit in Japan, is set to come just over two weeks before the federal government could default on its debt, potentially setting off a global financial crisis and plunging the economy into a deep recession. Both Mr. Biden and Mr. McCarthy expressed rising optimism late last week that they could reach an agreement that would pave the way for Congress to raise the borrowing limit while also reducing some federal spending, which Republicans have insisted upon as a condition for any debt-limit increase.

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.

☆ Biden Voices Optimism on Debt Talks Despite Sharp Statements by Both Sides
▼ + stars: | 2023-05-20 | by ( Peter Baker | ) www.nytimes.com time to read: +2 min

Each side, he indicated, needs to take a firm stand in order to extract the best deal for itself. That, he added, did not mean they could not eventually get to a consensus. The White House has essentially cleared the president’s schedule for next week, presumably to allow for further talks. But his comments to reporters on Saturday left a mixed set of messages in just a matter of hours. But she denied that the White House was more pessimistic, using the word “optimistic” 14 times during her briefing.

☆ Do Dress Sneakers Belong in the Oval Office?
▼ + stars: | 2023-05-19 | by ( Guy Trebay | ) www.nytimes.com time to read: +1 min

Think of it as a rare instance of cross-aisle consensus or else a sartorial trend gone badly wrong. But it did not go unnoticed when, in a photograph from the Oval Office posted to President Joe Biden’s account this week, Speaker of the House Kevin McCarthy, Senator Mitch McConnell and Representative Hakeem Jeffries were all captured wearing some variant of the dreaded footwear hybrid: the sneaker shoe. Weighing in on Twitter, cult men’s wear commentator Derek Guy (@dieworkwear) called out the footgear as a clear lapse in dignity, if not actual protocol. Why pay a visit to a sitting president dressed in shoes designed for power-walking at the mall? “Awful,” Yang-Yi Goh, style director of GQ, pronounced the shoe that has become a style default among Capitol Hill staffers.

☆ AOC says Biden should 'absolutely' consider bypassing the GOP to solve the debt ceiling crisis: 'It's a question of saving our economy from potential disaster'
▼ + stars: | 2023-05-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Rep. Alexandria Ocasio-Cortez told Politico Biden should be considering the 14th Amendment to address the debt ceiling. The 14th Amendment could declare the debt ceiling unconstitutional and allow Biden to bypass Congress. That's why a growing number of Democratic lawmakers are urging Biden to invoke a clause in the 14th Amendment which experts have said would declare the debt ceiling unconstitutional, getting rid of the problem forever. Ocasio-Cortez told Politico that "the president should absolutely have this on the table." Invoking that clause would mean that a default caused by the debt ceiling is unconstitutional, and it would allow Biden to bypass congressional debate on the issue.

☆ Debt Limit Talks Hit Snag as G.O.P. Declares a ‘Pause’
▼ + stars: | 2023-05-19 | by ( Catie Edmondson | ) www.nytimes.com time to read: +1 min

Negotiations between top White House and Republican congressional officials over a deal to raise the debt limit hit a snag on Friday when a G.O.P. leader in the talks said it was time to “press pause,” complaining that President Biden’s team was being unreasonable and that no progress could be made. It was a setback in the effort to avert a debt default before a June 1 deadline, though it was not clear whether the delay was a tactical retreat or a lasting blow to chances of getting an agreement. The abrupt announcement of a pause also came just a day after Speaker Kevin McCarthy, Republican of California, told reporters that he believed negotiators could reach a deal in principle as early as the weekend. But on Friday Mr. McCarthy and his deputies sounded a starkly different tone, saying that White House officials were refusing to come their way on spending cuts.

☆ Passing the GOP debt ceiling bill would be 'equally disastrous' as a default, Bernie Sanders says — and he's joining 10 of his Democratic colleagues in urging Biden to bypass Congress and permanently
▼ + stars: | 2023-05-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Bernie Sanders joined 10 Democratic colleagues in urging Biden to use the 14th Amendment to address the debt ceiling. The 14th Amendment would declare the debt ceiling unconstitutional, getting rid of it forever. During Thursday remarks vouching for the 14th Amendment, Sanders bashed McCarthy's bill and the potential economic fallout it would cause. "The entire GOP debt ceiling negotiation is a sad charade, and it's exactly what's wrong with Washington. "This is the whole reason why the 14th Amendment exists, and we need to be prepared to use it.

☆ As Biden Weighs Paring Public Assistance in Debt Limit Talks, Liberals Balk
▼ + stars: | 2023-05-18 | by ( Catie Edmondson | ) www.nytimes.com time to read: +1 min

Speaker Kevin McCarthy’s demand that any deal to raise the debt limit must include stricter work requirements for social safety net programs — and President Biden’s hints that he might be willing to accept such a bargain — has drawn a backlash from liberal Democrats in Congress, underscoring the tricky politics at play in bipartisan talks to avert a default. The proposal has become a central issue in negotiations between Mr. Biden and Mr. McCarthy, which entered a new phase this week as the two offered glimmers of hope that they could reach a deal to increase the borrowing limit, now projected to be reached as early as June 1, and avoid an economic catastrophe. House Republicans’ debt limit bill, approved last month along party lines, would impose stricter work requirements for beneficiaries of food stamps, Medicaid and Temporary Assistance for Needy Families, and the speaker said this week that Republicans would insist on such a provision as part of any deal. Mr. Biden has pointedly left the door open to the idea, noting that he voted for work requirements as a senator. Talk of such a compromise has set off a wave of anger among liberals on Capitol Hill, who have begun openly fretting that the president might agree to a deal they cannot accept.

☆ Here's when the government's bills are due as U.S. tries to avoid default
▼ + stars: | 2023-05-18 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

After that date, the Treasury will have to decide which obligations don't get paid, even as multiple critical bills are due. Lifting the debt ceiling is necessary for the government to cover spending commitments already approved by Congress and the president — and prevent default. The think tank Bipartisan Policy Center modeled the Treasury Department's cash flow, noting what day bills are paid. The Treasury has taken extraordinary steps to keep paying the government's bills, and expects to be able to avoid a first-ever default at least until early June. Treasury Secretary Janet Yellen demurred when asked in an interview with CNBC this month what bills would be prioritized in the event of a default.

☆ 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.

☆ Opinion | How to Use the Debt Ceiling to Inflict Cruelty on the Poor
▼ + stars: | 2023-05-17 | by ( David Firestone | ) www.nytimes.com time to read: +3 min

In 2021, 61 percent of the 25 million people on Medicaid were working in full- or part-time jobs. The bill would also require many adults 19 to 55 to work 80 hours a month to receive federally subsidized health coverage from Medicaid. Republicans couldn’t repeal the act through the front door, so they are using the leverage provided by the debt ceiling to try to achieve their ideological aim. It’s been clear for years that these kinds of work requirements don’t actually put people back to work; they just pry people away from the benefits they need. In 2018, Arkansas became the first state to impose very similar work requirements on Medicaid, before a federal judge ended the experiment the next year.

☆ The Speaker Gets His Chance to Go Toe-to-Toe With the President
▼ + stars: | 2023-05-17 | by ( Carl Hulse | ) www.nytimes.com time to read: +1 min

After insisting for months that he would never do so, the president appears ready to discuss a potential ransom. Republicans believe that Democrats have not afforded Mr. McCarthy the same standing and respect as his predecessors John A. Boehner and Paul D. Ryan, who had stronger policy chops. At a news conference last week, Mr. McCarthy refused to say he was offended or angered by the president’s regard for him. “If you believe the debt ceiling is as important as I think it is, why would you go silent for 97 days?” Mr. McCarthy asked. Democrats believed that failure by the House Republicans would then set up a scenario where members of both parties would race to increase the debt ceiling without accompanying spending cuts to avert a catastrophic default.

☆ Speaker McCarthy says he thinks the U.S. won't default as debt talks inch forward
▼ + stars: | 2023-05-17 | by ( Emma Kinery | ) www.cnbc.com time to read: +2 min

WASHINGTON — House Speaker Kevin McCarthy told CNBC in an interview Wednesday he does not think the U.S. will default on its debt as tense negotiations over the debt ceiling continue. "I think at the end of the day we do not have a debt default," McCarthy told CNBC's "Squawk Box." Leaders are running out of time to raise the debt ceiling before a June 1 deadline when the government is set to run out of money. Biden on Tuesday said he would cut short his trip to Asia to further engage in debt limit talks. Lifting the debt ceiling is necessary for the government to cover spending commitments already approved by Congress and the president — and prevent default.

☆ Senate Democrats are asking Biden to stop negotiating with Republicans on a debt ceiling solution and take a route that would get rid of the problem forever
▼ + stars: | 2023-05-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Senate Democrats are asking Biden to prepare to use the 14th amendment to solve the debt ceiling crisis. The 14th amendment would allow Biden to bypass Congress and declare the debt ceiling unconstitutional. On Wednesday, The Washington Post first reported that five Democratic senators have spearheaded an effort to urge Biden to invoke a clause in the 14th amendment to address the debt ceiling. Rep. Jamie Raskin, for example, told Insider in a Wednesday interview that the 14th amendment "provides the whole structure for resolving the conflict." He said that he doesn't think the 14th amendment "solves our problem now.

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.

☆ Live Updates: Biden, Congressional Leaders to Meet on Debt Limit
▼ + stars: | 2023-05-16 | by ( Zolan Kanno-Youngs | Catie Edmondson | ) www.nytimes.com time to read: +7 min

President Biden and his allies said the White House and congressional teams had productive talks in recent days. The government reached the $31.4 trillion debt limit on Jan. 19, and the Treasury Department has been using accounting maneuvers to keep paying its bills. The president is scheduled to depart for Japan on Wednesday to attend the Group of 7 meeting, heightening the sense of urgency to make progress on the debt limit. While Mr. McCarthy played down progress, Mr. Biden and his allies said the White House and congressional teams had productive talks in recent days. “SNAP already has work requirements,” said Senator John Fetterman, Democrat of Pennsylvania, referring to the Supplemental Nutrition Assistance Program.

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