{"id":1932393,"date":"2023-05-17T06:55:19","date_gmt":"2023-05-17T10:55:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-turns-up-heat-on-debt-negotiation-ahead-of-may-16-meeting\/"},"modified":"2023-05-17T06:58:02","modified_gmt":"2023-05-17T10:58:02","slug":"white-house-turns-up-heat-on-debt-negotiation-ahead-of-may-16-meeting","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-turns-up-heat-on-debt-negotiation-ahead-of-may-16-meeting\/","title":{"rendered":"White House intensifies pressure for debt talks before May 16 meeting."},"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\">22<\/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%2Fwhite-house-turns-up-heat-on-debt-negotiation-ahead-of-may-16-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=1932393&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>The Biden Administration Warns of Possible Default on Nation&#8217;s Financial Obligations<\/h2>\n<p>The Biden administration has released a pair of statements highlighting the urgency of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-turns-up-heat-on-debt-negotiation-ahead-of-may-16-meeting\/\" title=\"White House intensifies pressure for debt talks before May 16 meeting.\">budget ceiling negotiations set<\/a> for May 16. Treasury Secretary Janet Yellen notified Congress that the Treasury would lack the funds to meet all U.S. financial obligations by early June if the debt ceiling were not increased. Yellen further raised the temperature 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>, stating that a U.S. default would generate an economic and financial catastrophe.<\/p>\n<h3>The U.S. Economy Hangs in the Balance<\/h3>\n<p>President Joe Biden and House Speaker Kevin McCarthy have been in a standoff over the $31.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dems-reject-matched-spending-cuts-setting-up-debt-ceiling-showdown-with-gop\/\" title=\"Dems Reject Matched Spending Cuts, Setting Up Debt Ceiling Showdown With GOP\">4 trillion debt ceiling<\/a> since January. 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 while increasing spending for defense, veterans affairs, and homeland security. However, the GOP plan would require cutting nearly all non<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/conservatives-rally-against-1-5-trillion-omnibus-spending-bill\/\" title=\"Conservatives Rally Against .5 Trillion Omnibus Spending Bill\">-defense discretionary spending<\/a> by nearly one-third, according to Shalanda Young, director of the Office of Management and Budget.<\/p>\n<h3>Time to Act is Now<\/h3>\n<p>Young said Republicans appear to be withholding information about their proposal, but their position will become clear when appropriations bills are released next week. She added that the U.S. economy hangs in the balance, and there is no time to waste. Congress should address the debt limit as soon as possible to preserve the full faith and credit of the United States.<\/p>\n<ul>\n<li>Traders have become more reluctant to hold government debt that matures in early June<\/li>\n<li>A U.S. default would generate an economic and financial catastrophe<\/li>\n<li>The GOP plan would require cutting nearly all non-defense discretionary spending by nearly one-third<\/li>\n<\/ul>\n<p>House Republicans may protest, but the math is what the math is, Young wrote. The livelihoods of millions of Americans hang in the balance, and there is no time to waste. Congress should address the debt limit as soon as possible to preserve the full faith and credit of the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration increased pressure on budget ceiling talks with two statements emphasizing the risk of default and outlining spending cuts to meet Republican targets. Treasury Secretary Janet Yellen warned Congress on May 15. Talks are set for May 16.<\/p>\n","protected":false},"author":1793,"featured_media":1932394,"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":[5487,3653,10693,4470,4150,3745,3765],"class_list":["post-1932393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-debt","tag-house","tag-intensifies","tag-meeting","tag-pressure","tag-talks","tag-white"],"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\/1932393","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=1932393"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1932393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1932394"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1932393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1932393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1932393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}