{"id":1940130,"date":"2023-05-28T18:15:00","date_gmt":"2023-05-28T22:15:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-update-on-debt-ceiling-talks\/"},"modified":"2023-05-28T18:17:40","modified_gmt":"2023-05-28T22:17:40","slug":"major-update-on-debt-ceiling-talks","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-update-on-debt-ceiling-talks\/","title":{"rendered":"Debt ceiling talks get major update."},"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\">12<\/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%2Fmajor-update-on-debt-ceiling-talks%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=1940130&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>White House and House Republicans Reach Agreement in Principle on Debt Ceiling<\/h2>\n<div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0528\/02f15d43-c126-4fd4-9e6e-e52db2c56369\/audio.mp3?length=7822989&#038;duration=652\"><\/div>\n<p>The White House and House Republicans have reached an agreement in principle, House Speaker Kevin McCarthy announced on Saturday evening.<\/p>\n<blockquote>\n<p>\u201cWe still have a lot of work to do. But I believe this is an agreement in principle that\u2019s worthy of American people,\u201d McCarthy told reporters on Capitol Hill.<\/p>\n<p>\u201cThat\u2019s historic reductions in spending,\u00a0consequential reforms that will lift people out of poverty into the workforce,\u00a0reign in\u00a0government overreach. There are no new taxes, no new government programs. There\u2019s a lot more within the bill. We still have more work to do tonight to finish all the writing of it,\u201d he said.<\/p>\n<\/blockquote>\n<p>President Joe Biden said the agreement is \u201cgood news\u201d as the deal \u201creduces spending while protecting programs for working people and growing the economy for everyone.\u201d<\/p>\n<p>\u201cThe agreement represents a compromise, which means not everyone gets what they want,\u201d he said in a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/05\/27\/statement-from-president-joe-biden-on-bipartisan-budget-agreement-in-principle\/\">statement<\/a>. \u201cThat\u2019s the responsibility of governing.\u201d<\/p>\n<p>Biden urged the House and Senate \u201cto pass the agreement right away.\u201d<\/p>\n<h3>Details of the Agreement<\/h3>\n<ul>\n<li>The debt limit will be raised for two years<\/li>\n<li>Spending caps will be placed over that time<\/li>\n<li>Work requirements for food aid will be increased<\/li>\n<\/ul>\n<p>The final text of the bill, according to the House Speaker, will be ready on Sunday, and voting will take place next Wednesday.<\/p>\n<figure id=\"attachment_5296246\" style=\"width: 600px\" class=\"wp-caption alignnone\">\n\t\t<a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/05\/28\/id5296246-McCarthy-1200x800.jpg\"><br \/>\n\t\t\t<img decoding=\"async\" src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/05\/28\/id5296246-McCarthy-1200x800.jpg\" alt=\"Speaker of the House Rep. Kevin McCarthy (R-Calif.) speaks to members of the press as he arrives at the U.S. Capitol in Washington on May 25, 2023. (Alex Wong\/Getty Images)\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript><\/figcaption><\/a><br \/>\n\t<\/figure>\n<p>McCarthy refused to offer details on the deal, although some <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-update-on-debt-ceiling-talks\/\" title=\"Debt ceiling talks get major update.\">media reports citing anonymous sources claimed<\/a> that both parties agreed to raise the nation\u2019s debt limit for two years and place spending caps over that time, as well as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-mccarthy-meeting-offers-hope-of-deal-on-debt-ceiling\/\" title=\"Biden and McCarthy meet to discuss debt ceiling deal.\">increase work requirements<\/a> for food aid.<\/p>\n<h2>Why Negotiations Took So Long<\/h2>\n<p>Since the U.S. government crossed the $31.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-republican-leaders-reach-debt-ceiling-agreement-in-principle\/\" title=\"White House and GOP leaders agree on debt ceiling deal.\">4 trillion debt limit approved<\/a> by Congress in January, the White House has insisted that the president would not tolerate any negotiations threatening a default.<\/p>\n<p>\u201cI will not negotiate whether America pays its debt,\u201d he said in a February 2023 <a href=\"https:\/\/twitter.com\/POTUS\/status\/1630665183830867968\">tweet<\/a>. \u201cI will not allow this nation to default.\u201d<\/p>\n<p>During briefings, Press Secretary Karine Jean-Pierre repeatedly told reporters that it is imperative to raise the debt ceiling without any preconditions, \u201cas they have done in Democratic and Republican administrations.\u201d<\/p>\n<p>Earlier this month, Biden met with four <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elder-a-tale-of-top-is-leaders-killed-under-two-administrations\/\" title=\"ELDER: A Tale Of Top IS Leaders Killed Under Two Administrations\">top congressional leaders<\/a> after Treasury Secretary Janet Yellen warned the government could run out of cash to cover its obligations as early as June 1. However, Jean-Pierre confirmed at the time that Biden was not discussing the debt ceiling but rather \u201ca separate conversation about their spending, what they want to do with the budget.\u201d<\/p>\n<h2>How Biden, McCarthy Managed Talks<\/h2>\n<p>Following an hour-long meeting on May 16, President Biden and McCarthy <a href=\"https:\/\/theepochtimes.com\/biden-mccarthy-meeting-offers-hope-of-deal-on-debt-ceiling_5282274.html\">agreed<\/a> to daily and direct deliberations. Then, as the president traveled to Japan for the G7 summit, which had been <a href=\"https:\/\/www.theepochtimes.com\/us-default-risk-casts-shadow-over-bidens-g7-trip_5280635.html\">overshadowed<\/a> by the default risk in Washington, the two sides picked representatives to negotiate the debt ceiling.<\/p>\n<p>Rep. Garret Graves (R-La.) engaged with Office of Management and Budget head Shalanda Young and White House adviser Steve Ricchetti.<\/p>\n<p>This led to plenty of optimism that a deal was approaching as McCarthy congratulated the president because he \u201cchanged the scope\u201d of discussions, signaling \u201ca better process.\u201d<\/p>\n<p>\u201cThere was an overwhelming consensus, I think, in today\u2019s meeting with congressional leaders that defaulting on the debt is simply not an option,\u201d Biden said.<\/p>\n<p>Biden cut his overseas trip to meet with McCarthy. The two held a \u201cproductive\u201d discussion when he returned to Washington. Biden acknowledged that the federal government needs to cut spending but he also noted that lawmakers need to address tax loopholes and ensure the wealthy are paying their fair share.<\/p>\n<p>\u201cWe still have some disagreements, but I think we may be able to get where we have to go. We both know we have a significant responsibility,\u201d Biden told reporters on May 22.<\/p>\n<h2>Sparks Fly<\/h2>\n<p>Rep. Chip Roy (R-Texas) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) were among the lawmakers who expressed concerns about the negotiations, which might make the bill hard to advance through Congress.<\/p>\n<p>On Friday, Treasury Secretary Janet Yellen revised the projected X-date for the budget ceiling to June 5, delaying the possibility of the United States defaulting on its debt obligations by four days.<\/p>\n<p>The agreement comes as the Treasury\u2019s cash balance was shrinking at an alarming level, falling below $50 billion on May 24,\u00a0down from $316.381 billion at the start of the month.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The White House and House Republicans have agreed in principle, according to House Speaker Kevin McCarthy. McCarthy stated that there is still much work to be done, but the agreement is significant for the American people, with historic spending reductions and consequential reforms.<\/p>\n","protected":false},"author":2078,"featured_media":1940131,"comment_status":"open","ping_status":"closed","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":[10142,5487,3752,3745,5002],"class_list":["post-1940130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-ceiling","tag-debt","tag-major","tag-talks","tag-update"],"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\/1940130","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\/2078"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1940130"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1940130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1940131"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1940130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1940130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1940130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}