{"id":1923185,"date":"2023-05-03T02:11:00","date_gmt":"2023-05-03T06:11:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/both-sides-double-down-on-debt-ceiling-positions-ahead-of-biden-mccarthy-meeting\/"},"modified":"2023-05-03T02:14:00","modified_gmt":"2023-05-03T06:14:00","slug":"both-sides-double-down-on-debt-ceiling-positions-ahead-of-biden-mccarthy-meeting","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/both-sides-double-down-on-debt-ceiling-positions-ahead-of-biden-mccarthy-meeting\/","title":{"rendered":"Debt ceiling positions hardened before Biden-McCarthy meeting."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fboth-sides-double-down-on-debt-ceiling-positions-ahead-of-biden-mccarthy-meeting%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1923185&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>President Biden Invites Congressional Leaders to Meeting on Debt Limit<\/h2>\n<div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0502\/eb4f7721-2de7-4c61-8c04-f25cf17d954b\/audio.mp3?length=5180301&#038;duration=432\"><\/div>\n<p>President Joe Biden has invited House Speaker Kevin McCarthy (R-Calif.) and other <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pro-trump-religious-groups-begin-turning-up-heat-on-gop-to-take-action-on-marjorie-taylor-greene\/\" title=\"Pro-Trump, Religious Groups Begin Turning Up Heat On GOP To Take Action On Marjorie Taylor Greene\">congressional leaders<\/a> to a meeting on raising the nation\u2019s debt limit, but he has no intention of negotiating on the matter.<\/p>\n<p>Instead, the president will use the May 9 sit-down to remind Republicans of their constitutional duty to raise the debt ceiling and avoid a default on the nation\u2019s financial obligations, White House Press Secretary Karine Jean-Pierre told reporters at a May <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/as-pandemic-surges-in-india-us-offers-oxygen-and-related-supplies\/\" title=\"As Pandemic Surges in India, US Offers Oxygen and Related Supplies\">2 press briefing<\/a>.<\/p>\n<p>The statements reiterated the president\u2019s insistence that Congress has no choice but to pass an increase in the debt limit as a matter of their constitutional duty to protect the financial integrity of the United States.<\/p>\n<h3>Standoff Over Debt Limit<\/h3>\n<p>For his part, McCarthy has said he will consider no increase in the $31.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawmakers-gear-up-for-partisan-showdown-over-debt-limit-in-2023\/\" title=\"Lawmakers Get Ready for a Partisan Showdown over Debt Limit in 2023\">4 trillion borrowing limit<\/a> unless accompanied by spending cuts. \u201cNo <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-calls-on-congress-to-move-forward-on-raising-debt-ceiling\/\" title=\"Biden Calls On Congress To \u2018Move Forward\u2019 On Raising Debt Ceiling\">clean debt ceiling<\/a> is going to pass the House,\u201d McCarthy told reporters on April 26. \u201cWe can\u2019t do that to our children.\u201d<\/p>\n<p>The two have been locked in a standoff over the issue since mid-January, and both appear committed to their positions even as the prospect of a potential default draws nearer by the day.<\/p>\n<h2>Growing Urgency<\/h2>\n<p>The president issued his invitation on May 1, the same day Treasury Secretary Janet Yellen heightened urgency to resolve the debt standoff by informing congressional leaders that the nation would likely reach its debt limit in early June, possibly by June 1.<\/p>\n<p>Having exhausted the \u201cextraordinary measures\u201d at her disposal, Yellen said she would then be \u201cunable to continue to satisfy all of the government\u2019s obligations\u201d unless Congress suspended or increased the borrowing limit.<\/p>\n<p>\u201cI respectfully urge Congress to protect the full faith and credit of the United States by acting as soon as possible,\u201d Yellen wrote.<\/p>\n<p>The timing of Biden\u2019s invitation was not coincidental.<\/p>\n<p>\u201cWe knew Secretary Yellen\u2019s letter would be released yesterday, and the President thought it was a good opportunity to remind congressional leaders of the urgency of preventing default,\u201d Jean-Pierre said, adding, \u201cIt is their constitutional duty. Congress must act.\u201d<\/p>\n<h2>Origins of the Standoff<\/h2>\n<p>Yellen first notified Congress on Jan. 13 that the Treasury was days away from breaching the debt ceiling but could stave off the event using \u201cextraordinary measures\u201d to manage the nation\u2019s bills.<\/p>\n<p>The Treasury must borrow money consistently because Congress has authorized deficit budgets for most of the last 50 years. Since <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/both-sides-double-down-on-debt-ceiling-positions-ahead-of-biden-mccarthy-meeting\/\" title=\"Debt ceiling positions hardened before Biden-McCarthy meeting.\">approved spending exceeds tax revenue<\/a>, the Treasury must borrow funds to meet the obligations already mandated by Congress.<\/p>\n<p>McCarthy has said that Republicans will not allow the country to default on its obligations. But he considers it irresponsible to allow further borrowing without also limiting spending in an effort to slow the rapidly increasing national debt.<\/p>\n<h2>Divided Congress<\/h2>\n<p>The winner-take-all outcome that both sides appear to be working for may be difficult to achieve in a divided Congress.<\/p>\n<p>Republicans narrowly control the House while Democrats hold a slim majority in the Senate.<\/p>\n<p>McConnell, who has taken a backseat to McCarthy on debt negotiations, said the chance that any measure the Senate could approve by 60 votes would also pass in the House is \u201cessentially zero.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden has invited House Speaker Kevin McCarthy (R-Calif.) and other congressional leaders to a meeting on raising the nation\u2019s debt limit, but he has no intention of negotiating on the matter. Instead, the president will use the May 9 sit-down to remind Republicans of their constitutional duty to raise the debt ceiling and<\/p>\n","protected":false},"author":1793,"featured_media":1923186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[22935,10142,5487,25658,4470,15940],"class_list":["post-1923185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-biden-mccarthy","tag-ceiling","tag-debt","tag-hardened","tag-meeting","tag-positions"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1923185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1793"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1923185"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1923185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1923186"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1923185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1923185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1923185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}