Biden, McCarthy Vow More Debt-Limit Talks as US Default Looms

Bloomberg2023-05-10

Congress leaders to meet president again at White House FridayRepublicans, White House officials to discuss spending levelsPresident Joe Biden and congressional Republicans made little tangible ...

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But, the president said, he viewed the conversation as “productive.”The intensified negotiations could at least temporarily assuage markets ahead of June 1, when Treasury Secretary Janet Yellen has warned the nation risks exhausting its ability to meet all payment obligations. Economists say a breach of the debt ceiling would rattle markets, increase lending costs, and lead to the loss of hundreds of thousands of jobs.Biden said he was pleased by Senate Republican leader Mitch McConnell’s comments after the meeting that he did not foresee the country defaulting. Senate Majority Leader Chuck Schumer also expressed hope of a bipartisan deal. Still, warning signs continue to flash. McCarthy, who faces pressure from conservatives to take a hard line in debt-limit talks, told reporters he saw no progress during the meeting, and accused Biden of ducking substantive negotiations.“I didn’t see any new movement,” McCarthy told reporters. McCarthy and Biden described tense moments during the closed-door meeting, their first on the debt ceiling since Feb. 1. Ahead of Tuesday’s meeting, the speaker dismissed the idea of a short-term debt-limit extension, which could be the most expedient solution. While the White House said an interim deal was also not their plan, Biden told reporters after the meeting he isn’t taking anything off the table.Biden also downplayed the possibility of using novel executive action to solve the issue. He said that he had considered invoking the 14th Amendment - which guarantees the validity of public debt - but was concerned that federal courts could overturn the maneuver. The president said he currently viewed the issue as something to explore after a debt ceiling deal was reached, rather than if it was not.  Biden also said his staff had not explored the idea for the Treasury Department to mint a trillion-dollar coin that it would deposit with the Federal Reserve to defuse the crisis.Markets have shown early signs of strain as the deadline nears, and a continued stalemate threatens to have reverberating effects. Yields on four-week Treasuries reached record highs last week as the prospect of any early June default increased. But so far equity markets have not registered a large drop attributable to the stand.That marks a difference from the 2011 debt standoff, during which the S&P 500 fell more than 16% in the five weeks prior to an Aug. 2 increase in the ceiling. S&P ultimately downgraded the US credit rating on Aug. 5. McCarthy said he was willing to discuss priorities that the White House had previously signaled support for - like permitting reform - that could provide a pathway for a possible breakthrough. He also suggested elements of the House legislation, including clawing back funding for pandemic programs, that have some bipartisan support.But Senate Majority Leader Chuck Schumer countered that McCarthy was holding the US economy hostage by demanding deep cuts to domestic programs - and had refused to take default off the table.“There are large differences between the parties,” Schumer said. But the the staff talks could open the door to a face-saving solution for both parties. The White House could call it a “separate” budget deal while McCarthy and the GOP, which has demanded deep domestic spending cuts in exchange for Republican votes, could tout it as a victory. The Republican-led House last month passed a bill that would raise the debt ceiling by $1.5 trillion in exchange for $4.8 trillion in budget deficit cuts over 10 years. It contains a litany of conservative priorities, including canceling green energy subsidies and tax enforcement spending from Biden’s signature legislation enacted last year.But the White House has criticized the legislation, saying it would slash funding for police, border security, and veterans’ benefits. McCarthy said the House will pass a detailed spending bill that increased funding for Veterans’ Affairs next week.The White House has said it will only accept a “clean” no-strings-attached debt ceiling increase, although Biden is open to separate talks on the budget levels for fiscal 2024. The president is scheduled to travel Wednesday to New York, where he’ll criticize elements of the Republican legislation in the home district of moderate Republican congressman Mike Lawler.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9970956240,"gmtCreate":1683849530980,"gmtModify":1683849535532,"author":{"id":"4098866635611070","authorId":"4098866635611070","name":"Vincentan59","avatar":"https://community-static.tradeup.com/news/a5c91735e742c607283b7643b505c8e4","vip":1,"hat":"https://static.tigerbbs.com/ae1f49570794979e009a5efdeb6f4789","crmLevel":3,"crmLevelSwitch":1},"htmlText":"👽👽👽👽","listText":"👽👽👽👽","text":"👽👽👽👽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9970956240","repostId":1107365448,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":44,"commentSize":1,"repostSize":3,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1107365448"}