8/11/2023 0 Comments Gop stands for projection redditYellen issued a similar warning on May 1, which prompted Biden to schedule a meeting with the top four party leaders in Congress to discuss the debt ceiling after talks stalled. “If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” Yellen warned. “We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers and negatively impact the credit rating of the United States,” Yellen wrote in a letter to congressional leaders. could default on its debts as early as June 1 in a stark warning to Congress. Treasury Secretary Janet Yellen reaffirmed her department's previous projection the U.S. Yellen's default warning: 'Severe hardship to American families' Several Democratic lawmakers have characterized stricter work requirements for welfare as a nonstarter. One major sticking point, according to the source, remains expanded work requirements for federal benefits such as food stamps that Republicans covet but President Joe Biden and Democrats oppose. The White House believes several of the top demands of Republicans would not get the support needed from Democrats in Congress for passage, according to a source familiar with negotiations. The president’s team is working hard towards a reasonable bipartisan solution that can pass the House and the Senate.” "We're in a tough spot."Ī White House official, who spoke on the condition of anonymity, said, "There are real differences between the parties on budget issues and talks will be difficult. Patrick McHenry, R-N.C., another Republican negotiator said, “There is a “serious gap” between the sides. Garret Graves, R-La., who is leading negotiations for House Speaker Kevin McCarthy, told reporters it's time to "press pause" on negotiations "because it's just not productive." He said negotiations became “just unreasonable” and that it was unclear when talks would resume. Negotiations on raising the debt ceiling came to an abrupt halt Friday as Republican negotiators walked out of a closed-door meeting with White House officials, leaving the two sides at a stalemate heading into a critical weekend. Stay in the conversation on politics Sign up for the OnPolitics newsletter Negotiations come to abrupt halt before critical weekend Here's what you need to know about the debt ceiling negotiations this week. “I’m confident that we’ll get the agreement on the budget, and America will not default,” Biden said before departing for an overseas trip cut short due to the debt ceiling talks. The White House has maintained the ongoing budget talks are completely isolated from raising the debt ceiling, but House Speaker Kevin McCarthy and his fellow Republicans think otherwise, saying their pressure on the debt limit has brought Biden to the negotiating table. House GOP lawmakers have pressed for slashes to the federal budget in exchange for raising the debt ceiling, but President Joe Biden and congressional Democrats have opposed to demands such as expanded requirements for recipients of welfare programs. Negotiations between the Republican-controlled House and the White House hit a snag Friday as Republican negotiators walked out of a closed-door meeting with White House officials. The country is less than two weeks out from the Treasury Department’s earliest projected "X-Date," the day the United States could run out of cash to fully pay all of its obligations. The clock is ticking for Congress to raise the debt ceiling.
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