"But we cannot stress enough that time is short, with each passing day increasing the risk for a misstep resulting in a default."įew countries in the world have debt ceiling laws, and Washington's periodic lifting of the borrowing limit merely allows it to pay for spending Congress has already authorized.īiden would agree to a separate discussion on the budget but not tied to the debt ceiling, the White House said. Chamber of Commerce, the nation's largest business association, said it was positive that the two sides would continue meeting.
Neil Bradley, top policy official at the U.S. Biden specifically said after the meeting that he was not ruling out such a short-term arrangement. Treasury predicts the country could be forced to default on some debts.Įarlier Tuesday, McCarthy appeared to close the door to a short-term solution that's been widely discussed on Capitol Hill: lifting the debt ceiling through September to allow more time for agreement. It was closely watched ahead of what is expected to be a fraught period in Washington with the approach of June, when the U.S. Tuesday's meeting was the first between Biden and McCarthy since Feb 1. REUTERS/Kevin Lamarque Acquire Licensing Rights President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, May 9, 2023.
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