{"id":1932087,"date":"2023-05-16T22:40:51","date_gmt":"2023-05-17T02:40:51","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mccarthy-on-debt-ceiling-talks-with-biden-a-little-more-productive\/"},"modified":"2023-05-16T22:43:10","modified_gmt":"2023-05-17T02:43:10","slug":"mccarthy-on-debt-ceiling-talks-with-biden-a-little-more-productive","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mccarthy-on-debt-ceiling-talks-with-biden-a-little-more-productive\/","title":{"rendered":"McCarthy and Biden&#8217;s Debt Ceiling Talks: &#8216;Slightly More Productive&#8217;"},"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\">18<\/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%2Fmccarthy-on-debt-ceiling-talks-with-biden-a-little-more-productive%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=1932087&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>Breaking News: Biden and McCarthy Delegating Debt Ceiling Negotiations to Surrogates<\/h2>\n<p>President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) have established a clearer process for resolving the standoff between the parties over raising the debt ceiling and cutting spending. They have delegated primary negotiations to trusted surrogates.<\/p>\n<h3>Who&#8217;s Negotiating?<\/h3>\n<ul>\n<li>Steve Richetti, counselor to the president, and Shalanda Young, director of the Office of Management and Budget, will negotiate on behalf of the president.<\/li>\n<li>Rep. Garret Graves (R-La.) and members of McCarthy\u2019s staff will take the lead for the speaker.<\/li>\n<\/ul>\n<p>McCarthy announced the process change after an hour-long meeting with the president and other leaders on May 16, the second attempt at negotiations between the two.<\/p>\n<p>\u201cI did think this one was a little more productive. We\u2019re a long way apart. But what changed in this meeting was the president has now selected two people from his administration to directly negotiate with us,\u201d McCarthy said.<\/p>\n<p>Also present were Vice President Kamala Harris, 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>Why the Rush?<\/h3>\n<p>Treasury Secretary Janet Yellen notified Congress on Jan. 13 that the country was approaching the debt ceiling. On May 15 she informed Congress that the Treasury would lack the funds to meet all U.S. financial obligations by \u201cearly June, and potentially as early as June 1\u201d if the debt ceiling were not increased.<\/p>\n<p>\u201cIn my assessment\u2014and that of economists across the board\u2014a U.S. default would generate an economic and financial catastrophe,\u201d Yellen said in remarks to a group of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/todays-the-day-many-americans-will-get-1400-in-covid-19-relief-deposited-into-bank-accounts\/\" title=\"Today\u2019s The Day: Many Americans Will Get ,400 In COVID-19 Relief Deposited Into Bank Accounts\">independent community bankers<\/a> on May 16.<\/p>\n<p>\u201cThe U.S. economy hangs in the balance. The livelihoods of millions of Americans do, too. There is no time to waste. Congress should address the debt limit as soon as possible.\u201d<\/p>\n<h3>What&#8217;s the Holdup?<\/h3>\n<p>McCarthy lamented the fact that no negotiations had taken place prior to last week.<\/p>\n<p>\u201cUnfortunately, the Democrats wasted four months, saying it had to be a clean debt ceiling or they wouldn\u2019t negotiate.\u00a0Well, you know what, all that has changed now. And now we\u2019re at a place we should have been back in February,\u201d McCarthy said.<\/p>\n<p>The president and the speaker had been in a standoff over raising the nation\u2019s $31.4 trillion debt ceiling since January. Biden has insisted that it must be raised without condition to preserve the full faith and credit of the United States.<\/p>\n<p>McCarthy has said there will be no increase without an agreement to cut spending. Republicans have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mccarthy-on-debt-ceiling-talks-with-biden-a-little-more-productive\/\" title=\"McCarthy and Biden's Debt Ceiling Talks: 'Slightly More Productive'\">proposed lowering discretionary spending<\/a> to the 2022 level, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mccarthy-says-house-will-vote-on-lifting-debt-ceiling-into-2024\/\" title=\"McCarthy Says House Will Vote on Lifting Debt Ceiling Into 2024\">capping spending growth<\/a> at 1 percent annually for a decade, clawing back unspent COVID-19 relief funds from the states, and loosening regulations on oil and gas drilling.<\/p>\n<p>The White House has maintained that raising the debt limit is lawmakers\u2019 \u201cconstitutional duty.\u201d House Republicans have countered that they did raise the limit by passing the Limit, Save, Grow Act on April 26, though the measure was not taken up by the Senate.<\/p>\n<h3>What&#8217;s Next?<\/h3>\n<p>Biden has said he believes a deal is within reach, though neither side has mentioned specific progress.<\/p>\n<p>\u201cI remain optimistic because I\u2019m a congenital optimist. But I really think there\u2019s a desire on their part, as well as ours, to come to a conclusion,\u201d Biden said.<\/p>\n<p>Time is ticking, and the clock is running out. Will they reach a deal before the June 1 deadline?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>behalf of President Biden, while Drew Hammill, chief of staff to Speaker McCarthy, and Brian McGuire, a top Republican Senate aide, will represent the GOP in the talks to raise the debt ceiling and cut spending.<\/p>\n","protected":false},"author":1793,"featured_media":1932088,"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":[3706,10142,5487,3663,20711,26356,3745],"class_list":["post-1932087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-bidens","tag-ceiling","tag-debt","tag-mccarthy","tag-productive","tag-slightly","tag-talks"],"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\/1932087","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=1932087"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1932087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1932088"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1932087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1932087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1932087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}