{"id":1928218,"date":"2023-05-10T13:26:00","date_gmt":"2023-05-10T17:26:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/debt-limit-meeting-with-biden-yielded-no-new-movement-mccarthy\/"},"modified":"2023-05-10T13:28:06","modified_gmt":"2023-05-10T17:28:06","slug":"debt-limit-meeting-with-biden-yielded-no-new-movement-mccarthy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/debt-limit-meeting-with-biden-yielded-no-new-movement-mccarthy\/","title":{"rendered":"Biden&#8217;s debt limit meeting with McCarthy resulted in no progress."},"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%2Fdebt-limit-meeting-with-biden-yielded-no-new-movement-mccarthy%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=1928218&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 Talks: Can Congress and the President Find Common Ground?<\/h2>\n<p>President Joe Biden joked before his May 9 debt ceiling talks with House Speaker Kevin McCarthy (R-Calif.) and other congressional leaders, \u201cWe\u2019re going to solve all the world\u2019s problems.\u201d But when the meeting was over, the world still had problems, and according to McCarthy, the national debt was very much still one of them.<\/p>\n<p>\u201cEverybody in this meeting reiterated the positions they were at,\u201d the House Speaker told reporters outside the White House. \u201cI didn\u2019t see any new movement. The president said the staff should get back together. But I was very clear with the president\u2014we have now just two weeks to go [until potential default].\u201d<\/p>\n<h3>What&#8217;s at Stake?<\/h3>\n<p>Currently, the United States\u2019 federal borrowing cap sits at $31.4 trillion. And although the nation has never defaulted on its debt before, according to Treasury Secretary Janet Yellen and other economic experts, that may change as soon as early June if the debt limit is not raised.<\/p>\n<p>Heading into Tuesday\u2019s meeting, McCarthy said that it was time for Democrats to come to the table and negotiate on spending cuts.<\/p>\n<p>\u201cNinety seven days ago, I met with President Biden to discuss how he can avoid defaulting on our national debt,\u201d McCarthy noted in a tweet. \u201cFor 97 days, he has ignored the crisis. House Republicans are the only ones in Washington who have passed a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/newt-gingrich-gop-debt-ceiling-strategy-for-2023\/\" title=\"Newt Gingrich: GOP Debt Ceiling Strategy for 2023\">responsible debt limit increase<\/a> that avoids default,\u201d he added. \u201cToday is a new opportunity for Democrats 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 act responsibly for future generations.\u201d<\/p>\n<h3>Can the Two Sides Find Common Ground?<\/h3>\n<p>After the summit, McCarthy said that the president had conceded there were some areas where he would consider budget cuts, but did not offer any specifics. Noting that he was \u201chopeful\u201d that the two sides could find those areas of common ground, the speaker added, \u201cI think the best thing that we can do is find places where we can eliminate waste, find places that we can grow this economy, and that\u2019s exactly what the House bill does.\u201d<\/p>\n<p>In April, House Republicans passed the \u201cLimit, Save, Grow Act,\u201d which would <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/barry-w-poulson-proposing-a-fiscal-responsibility-amendment\/\" title=\"Barry W. Poulson: Proposing a Fiscal Responsibility Amendment\">cap federal spending<\/a> for fiscal year 2024 at 2022 levels to help offset raising the debt ceiling by $1.5 trillion, or through March 2024.<\/p>\n<p>But during a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-calls-for-unequivocal-military-force-if-taliban-doesnt-return-american-weaponry\/\" title=\"Trump Calls For \u2018Unequivocal Military Force\u2019 If Taliban Doesn\u2019t Return American Weaponry\">press briefing earlier<\/a> that day, White House press secretary Karine Jean-Pierre did not appear to take that plan seriously, accusing Republicans of \u201cmanufacturing a crisis\u201d and failing to do their job. Default, she added, is \u201cnot negotiable.\u201d<\/p>\n<h3>Is the Debt Dilemma a \u201cManufactured\u201d Crisis?<\/h3>\n<p>Despite the White House\u2019s assertions that the debt dilemma was created by Republicans, Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget said she feared that both <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/debt-limit-meeting-with-biden-yielded-no-new-movement-mccarthy\/\" title=\"Biden's debt limit meeting with McCarthy resulted in no progress.\">sides\u2019 political posturing<\/a> over the issue was an illustration of \u201chow broken Washington is.\u201d<\/p>\n<p>\u201cThe debt ceiling has, for decades, in fact, been increased without huge drama, without thinking we\u2019re going to default,\u201d MacGuineas told The Epoch Times\u2019 sister outlet, NTD News. \u201cBut it\u2019s also often been attached to policies that would help improve the fiscal situation. In many ways, it\u2019s one of the only times that it forces policymakers to stop, pause, and look at the fiscal trajectory and see whether it\u2019s safe or not. And right now, it clearly isn\u2019t.\u201d<\/p>\n<p>Both Democrats and Republicans, she contended, appeared to be more focused on political narratives and elections than governing the country. \u201cWe don\u2019t hear much about compromising,\u201d she added.<\/p>\n<h3>The Clock is Ticking<\/h3>\n<p>The Senate majority leader echoed the White House\u2019s position later, holding that Republicans were \u201cholding default hostage\u201d by refusing to take it off the table, and that budget cuts should be negotiated at a later date.<\/p>\n<p>\u201cTo use the risk of default, with all the dangers that has for the American people, as a hostage, and say, \u2018It\u2019s my way or no way,\u2019 \u2026 is dangerous,\u201d Schumer said. \u201cSo, we repeat our plea to Speaker McCarthy: Take default off the table, and let\u2019s resume negotiations in the budget process and the appropriations process.\u201d<\/p>\n<p>With just two weeks to go until potential default, the clock is ticking for Congress and the President to find common ground and avoid a financial crisis that could have far-reaching consequences for the American people.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Heading into his May 9 debt ceiling talks with House Speaker Kevin McCarthy (R-Calif.) and other congressional leaders, President Joe Biden joked, \u201cWe\u2019re going to solve all the world\u2019s problems.\u201d But when the meeting was over, the world still had problems, and according to McCarthy, the national debt was very much still one of them.<\/p>\n","protected":false},"author":1226,"featured_media":1928219,"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":[3706,5487,6612,3663,4470,7308],"class_list":["post-1928218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-bidens","tag-debt","tag-limit","tag-mccarthy","tag-meeting","tag-progress"],"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\/1928218","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=1928218"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1928218\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1928219"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1928218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1928218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1928218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}