Biden rejects GOP debt ceiling plan, cites non-partisan stance.

Biden Calls on Republicans to Move from Extreme Positions in Debt Ceiling Negotiations

President Joe Biden has urged Republicans to move from their extreme positions in debt ceiling negotiations, stating that he has already done his part. Speaking at a press conference after the G-7 summit in Hiroshima, Biden revealed that he would be speaking with House Speaker Kevin McCarthy shortly, but admitted that their proposal was unacceptable. He called on Republicans to accept that there is no bipartisan deal to be made solely on their partisan terms.

Debt Ceiling Debate Heats Up at G-7 Summit

The debt ceiling debate between the White House and GOP heated up during the G-7 summit, casting a shadow over Biden’s meetings. Negotiations came to a halt as both sides failed to reach an agreement on Friday evening. McCarthy accused the White House of backtracking on debt-limit talks, stating that no progress would be made until Biden returns from his G-7 trip. As negotiations stalled, McCarthy reportedly requested a call with the president.

White House Press Secretary Responds to McCarthy’s Accusations

White House Press Secretary Karine Jean-Pierre issued a statement from Hiroshima in response to McCarthy’s accusations, repeating the president’s call for a “reasonable bipartisan budget agreement.” She stated that the Speaker’s team put an offer on the table that was a big step back and contained a set of extreme partisan demands that could never pass both Houses of Congress.

Biden Proposes Spending Cuts and Tax Revenues

Biden indicated that after his phone discussion with McCarthy, negotiators from both sides would begin talks. He proposed cuts in spending of over a trillion dollars, but also believes that tax revenues need to be looked at. Republicans want to maintain Trump’s $2 trillion tax cuts, which Biden believes hurt the economy. He accused “MAGA Republicans” of holding debt hostage and intending to harm the economy in order to prevent him from getting re-elected in 2024.

Looming Crisis

The United States may be unable to pay its bills as early as June 1, sending shockwaves throughout the global economy. Republicans and Democrats are attempting to reach an agreement on the country’s debt ceiling before the deadline.

Key Takeaways:

• Biden calls on Republicans to move from extreme positions in debt ceiling negotiations
• Debt ceiling debate heats up at G-7 summit
• White House Press Secretary responds to McCarthy’s accusations
• Biden proposes spending cuts and tax revenues
• Looming crisis as the US may be unable to pay its bills as early as June 1