President Joe Biden and congressional leaders failed to reach a deal on raising the debt ceiling during a meeting at the White House on Tuesday. The leaders agreed to meet again at the end of the week to continue negotiations. The Treasury Department and budget experts have warned that a bill must be signed by early June to avoid the U.S. defaulting on its debts, which could have catastrophic economic consequences.
Republican leaders have demanded spending cuts in exchange for lifting the ceiling, while Democrats argue that discussions over the budget should happen during the normal lawmaking process. If a solution isn't reached before June, the U.S. may have to issue more bonds or temporarily suspend the limit. The third option - default - would be catastrophic.
The Bipartisan Policy Center has narrowed its X-date range to between early June and early August. White House press secretary Karine Jean-Pierre accused Republican lawmakers of "manufacturing a crisis" and holding the U.S. economy hostage by demanding spending cuts. The U.S. Chamber of Commerce has called for a bipartisan agreement to raise the debt ceiling.
Reference:
www.barrons.com
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2023-05-10 06:28:09Z
CBMiTWh0dHBzOi8vd3d3LmZ4Y20uY29tL21hcmtldHMvaW5zaWdodHMvZGVidC1jZWlsaW5nLW1lZXRpbmctZW5kcy13aXRob3V0LWRlYWwv0gEA
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