{"id":1926770,"date":"2023-05-08T16:25:39","date_gmt":"2023-05-08T20:25:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-mccarthy-to-negotiate-debt-ceiling-as-default-looms\/"},"modified":"2023-05-08T16:28:31","modified_gmt":"2023-05-08T20:28:31","slug":"biden-mccarthy-to-negotiate-debt-ceiling-as-default-looms","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-mccarthy-to-negotiate-debt-ceiling-as-default-looms\/","title":{"rendered":"Biden and McCarthy to discuss debt ceiling as default nears."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/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%2Fbiden-mccarthy-to-negotiate-debt-ceiling-as-default-looms%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=1926770&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>Debt Ceiling Negotiations: Can Biden and McCarthy Find Common Ground?<\/h2>\n<p>After months of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mccarthy-blames-biden-for-stalled-debt-ceiling-negotiations\/\" title=\"McCarthy blames Biden for stalled debt ceiling negotiations\">stalled debt ceiling negotiations<\/a>, President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) are set to meet on May 9 to discuss possible paths forward to prevent a looming default. The summit, which will take place at the White House, will mark the first such meeting since Feb. 1 and will also include Senate Majority Leader Chuck Schumer (D-N.Y.), Senate Minority Leader Mitch McConnell (R-Ky.), and House Minority Leader Hakeem Jeffries (D-N.Y.).<\/p>\n<h3>The Looming Threat of Default<\/h3>\n<p>Although the United States has never defaulted on its debt, Treasury Secretary Janet Yellen warned on May 1 that a default could occur as soon as June 1 if the limit on how much money the federal government can borrow to meet its financial obligations is not raised. Currently, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bipartisan-lawmakers-target-wasteful-government-spending-amid-debt-limit-stalemate\/\" title=\"Bipartisan Lawmakers Target \u2018Wasteful\u2019 Government Spending Amid Debt Limit Stalemate\">national debt ceiling<\/a> is set at $31.4 trillion. When the United States hit that ceiling in January, the Department of the Treasury took \u201cextraordinary measures\u201d to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-mccarthy-to-negotiate-debt-ceiling-as-default-looms\/\" title=\"Biden and McCarthy to discuss debt ceiling as default nears.\">create additional borrowing space<\/a> to avert immediate default. Now, with those measures set to reach their limit, congressional leaders and the president will need to bridge the political divide to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/md-gov-hogan-urges-biden-lawmakers-to-work-together-on-covid-19-relief-legislation\/\" title=\"Md. Gov. Hogan urges Biden, lawmakers to work together on COVID-19 relief legislation\">find common ground<\/a> and a solution.<\/p>\n<h3>At an Impasse<\/h3>\n<p>While Biden and most Democrats have pushed for a \u201cclean\u201d debt limit hike with no conditions, Republicans have argued that continually raising the debt ceiling without balancing the federal budget only increases the financial burden on future generations of Americans. In line with that thinking, on April 26, House Republicans passed a bill that would raise the debt limit by $1.5 trillion or through the end of March 2024\u2014whichever comes first\u2014but would tie that increase to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/businesses-brace-for-the-worst-in-the-biden-economy-heading-into-2023\/\" title=\"Businesses Brace for the Worst in the Biden Economy Heading Into 2023\">future spending cuts<\/a>.<\/p>\n<ul>\n<li>Republicans have promoted the bill as a starting point for further discussion<\/li>\n<li>Democrats have branded it a \u201cpartisan wish list\u201d with no chance of passage in the Senate<\/li>\n<\/ul>\n<p>Meanwhile, House Democrats quietly introduced an unrelated bill in January as part of a covert scheme to force a vote on their own plan via a discharge petition. The move is unlikely to succeed, however, given that a majority of the Republican-controlled chamber would need to sign the petition.<\/p>\n<p>Leading up to the May 9 negotiations, both sides have doubled down on their positions, with 43 Republican senators\u2014including McConnell\u2014telling Schumer in a May 6 letter that they would oppose any proposals for a debt limit increase that did not include \u201csubstantive spending and budget reforms.\u201d In a May 7 tweet, Biden accused Republicans of brinksmanship, holding: \u201cMAGA Republicans are laying out two options for us: 1. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>After months of stalled debt ceiling negotiations, President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) will meet May 9 to discuss possible paths forward to prevent a looming default. Set to take place at the White House, the summit will mark the first such meeting since Feb. 1, and will also include Senate Majority<\/p>\n","protected":false},"author":1226,"featured_media":1926771,"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":[3620,10142,5487,15651,4480,3663,7687],"class_list":["post-1926770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-biden","tag-ceiling","tag-debt","tag-default","tag-discuss","tag-mccarthy","tag-nears"],"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\/1926770","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\/1226"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1926770"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1926770\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1926771"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1926770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1926770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1926770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}