Discussions between President Biden and House Speaker Kevin McCarthy are not going well regarding the looming debt ceiling crisis. Negotiations will continue, with McCarthy stating “I think we can make progress today. I’m hoping that we can make progress”. Both sides have different views on how the budget should be handled, with Republicans looking to make spending cuts and Democrats seeking to raise taxes for the wealthy and limit the debt ceiling to a shorter period of time. Treasury Secretary Janet Yellen has warned that the U.S could be in default as soon as June 1 if the debt ceiling is not raised.
Tuesday, October 03, 2023