Yellen Says Still Too Early to Rule Out Risk of US Recession
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2023-07-09 19:25
Debt limit talks seem to make little headway as Biden, world leaders watch from afar for progress
Debt limit talks between the White House and House Republicans stopped, started and stopped again heading into a weekend where President Joe Biden and world leaders watched from afar, hoping high-stakes negotiations would make progress on avoiding a potentially catastrophic federal default. In a sign of a renewed bargaining session, food was brought to the negotiating room at the Capitol on Saturday morning, only to be carted away hours later. No meeting was likely Saturday, according to a person familiar with the state of the talks who was not authorized to publicly discuss the situation and spoke on condition of anonymity. Biden's administration is reaching for a deal with Republicans led by House Speaker Kevin McCarthy, R-Calif. The sides are up against a deadline as soon as June 1 to raise its borrowing limit, now at $31 trillion, so the government can keep paying the nation’s bills. Republicans are demanding steep spending cuts the Democrats oppose. Negotiations had came to an abrupt standstill Friday morning when McCarthy said it was time to “pause” talks. Then the teams convened again in the evening, only to quickly call it quits for the night. Biden, attending a meeting of global leaders in Japan, tried to reassure them on Saturday that the United States would not default, a scenario that would rattle the world economy. He said he felt there was headway in the talks. “The first meetings weren’t all that progressive, the second ones were, the third one was,” he said. The president said he believes "we’ll be able to avoid a default and we’ll get something decent done.” Negotiators for McCarthy said after the Friday evening session that they were uncertain on next steps. “We reengaged, had a very, very candid discussion, talking about where we are, talking about where things need to be, what’s reasonably acceptable," said Rep. Garret Graves, R-La. Rep. Patrick McHenry, R-N.C. was asked if he was confident an agreement over budget issues could be reached with the White House. He replied, “No.” As the White House team left the nighttime session, Biden counselor Steve Ricchetti, who is leading talks for the Democrats, said he was hopeful. “We're going to keep working,” he said. McCarthy had said resolution to the standoff is “easy,” if only Biden's team would agree to some spending cuts Republicans are demanding. The biggest impasse was over the fiscal 2024 top-line budget amount, according to a person briefed on the talks and granted anonymity to discuss them. Democrats contend the steep reductions Republicans have put on the table would be potentially harmful to Americans, and they are insisting that Republicans agree to tax increases on the wealthy, in addition to spending cuts, to close the deficit. Wall Street turned lower as negotiations came to a sudden halt. Experts have warned that even the threat of a debt default would could spark a recession. Republicans argue the nation's deficit spending needs to get under control, aiming to roll back spending to fiscal 2022 levels and restrict future growth. But Biden's team is countering that the caps Republicans proposed in their House-passed bill would amount to 30% reductions in some programs if Defense and veterans are spared, according to a memo from the Office of Management and Budget. Any deal would need the support of both Republicans and Democrats to find approval in a divided Congress and be passed into law. Negotiators are eyeing a more narrow budget cap deal of a few years, rather than the decade-long caps Republicans initially wanted, and clawing back some $30 billion of unspent COVID-19 funds. Still up for debate are policy changes, including a framework for permitting reforms to speed the development of energy projects, as well as the Republican push to impose work requirements on government aid recipients that Biden has been open to but the House Democratic leader Hakeem Jeffries of New York has said was a "nonstarter." McCarthy faces pressures from his hard-right flank to cut the strongest deal possible for Republicans, and he risks a threat to his leadership as speaker if he fails to deliver. Many House Republicans are unlikely to accept any deal with the White House. Biden is facing increased pushback from Democrats, particularly progressives, who argue the reductions will fall too heavily on domestic programs that Americans rely on. ___ Associated Press writers Zeke Miller and Josh Boak in Hiroshima, Japan, and AP Congressional Correspondent Lisa Mascaro contributed to this report. Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Will Biden's hard-hat environmentalism bridge the divide on clean energy future? Russia warns of ‘colossal risks’ if F-16 fighter jets sent to Ukraine G7 'outreach' an effort to build consensus on global issues like Ukraine, China, climate change
2023-05-21 01:59
Russian lawmaker disputes report saying he adopted a child taken from a Ukrainian children's home
A Russian lawmaker and staunch supporter of President Vladimir Putin has denied media allegations that he adopted a 2-year-old girl who was seized from a Ukrainian children’s home and changed her name
2023-11-25 01:21
Sneako: YouTube streamer's 5 most controversial feuds so far
Sneako has established himself as a lone creator with hundreds of thousands of fans who are quite familiar with him
2023-05-27 14:17
RFK Jr – live: Musk reveals Twitter revenue down by half as he hosts anti-vax 2024 White House hopeful
Democrat presidential candidate and notable anti-vaccine advocate Robert F Kennedy Jr joined Elon Musk and David Sacks on Twitter Spaces on Monday 5 June to discuss the former’s bid for the White House. Mr Kennedy was also joined by Tulsi Gabbard, Balaji Srinivasan, Omeed Malik, Michael Shellenberger and Kelly Slater at the event. The Twitter Spaces event comes just weeks after Mr Musk and Mr Sacks hosted and moderated a similar audio listening event with presidential candidate Ron DeSantis, where he launched his own campaign. Notably, the Spaces session was filled with technological glitches, which Mr Sacks attributed to a high volume of listeners. Following the event, Mr Musk welcomed all candidates onto Twitter and said he would be open to hosting other candidates on Twitter Spaces. But some were unhappy with Mr Musk’s decision to host Mr Kennedy as he has been previously banned from social platforms for spreading misinformation.
2023-06-06 19:54
Yinchuan: China restaurant gas explosion kills 31
President Xi has called for "all-out efforts" in investigating the suspected gas leak explosion.
2023-06-22 13:49
How did Elizabeth Hoffman die? Actress known for playing the role of mother of 4 siblings on 'Sisters' was 97
Elizabeth Hoffman died of natural causes at her home in Malibu, California, on August 21, her family said in a statement
2023-10-24 06:15
Anthony Mackie says he was so starstruck by Harrison Ford on ‘Captain America 4’ set that he forgot his lines: 'I was terrified'
'He’s the epitome of a movie star. He breaks that down really fast because he’s such a chill guy,' Anthony Mackie said referring to Harrison Ford
2023-07-02 04:21
First of 2 Iowa teens scheduled to be sentenced in 2021 beating death of teacher
The first of two Iowa teenagers who pleaded guilty to fatally beating their high school Spanish teacher with a baseball bat is to be sentenced Thursday
2023-07-06 12:25
As Africa Climate Summit promotes solar, off-grid power ramps up below the Sahara
Access to electricity remains a major challenge for over half a billion people in sub-Saharan Africa, and power outages are common even for those who are hooked up to the grid
2023-09-06 18:28
U.S. farm agency told to investigate worker complaints at Maryland research complex
By Leah Douglas WASHINGTON The U.S. Office of Special Counsel (OSC) has ordered the Department of Agriculture to
2023-06-30 22:50
ECB Near ‘Top of Ladder’ on Rate Tightening, Makhlouf Says
The European Central Bank is in the final stretch of its historic cycle of interest-rate increases, according to
2023-05-27 22:20
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