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Debt limit talks seem to make little headway as Biden, world leaders watch from afar for progress
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
Former US Rep. Mark Walker joins North Carolina GOP gubernatorial field
Former US Rep. Mark Walker joins North Carolina GOP gubernatorial field
Former U.S. Rep. Mark Walker has formally joined next year’s race for North Carolina governor
2023-05-21 01:56
Wagner claims Bakhmut captured, Kyiv says fighting ongoing
Wagner claims Bakhmut captured, Kyiv says fighting ongoing
Russia's private army Wagner claimed Saturday the total control of the east Ukrainian city of Bakhmut, the epicentre of fighting, as Kyiv said the battle was continuing but...
2023-05-21 01:46
Russia warns West of 'enormous risks' if Ukraine is supplied with F-16 jets
Russia warns West of 'enormous risks' if Ukraine is supplied with F-16 jets
Russia's deputy foreign minister has warned Western countries of "enormous risks" if Ukraine is provided with F-16 fighter jets, Russian state media TASS reported Saturday.
2023-05-21 01:24
Georgia President Boycotts Local Airline Over Flights to Russia
Georgia President Boycotts Local Airline Over Flights to Russia
Georgia’s President Salome Zourabichvili said she will not use the services of the privately owned Georgian Airways following
2023-05-21 01:19
At G7, Macron, Meloni meet to bury hatchet after migration spat
At G7, Macron, Meloni meet to bury hatchet after migration spat
HIROSHIMA, Japan (Reuters) -French President Emmanuel Macron and Italian Prime Minister Giorgia Meloni met on Saturday at the Group of
2023-05-21 00:59
Man Utd, Newcastle on brink of sealing top four places after Liverpool draw
Man Utd, Newcastle on brink of sealing top four places after Liverpool draw
Manchester United and Newcastle are on the brink of qualifying for next season's Champions League after Liverpool's 1-1 draw against Aston Villa, while Everton remain in relegation danger despite their...
2023-05-21 00:45
US Debt-Limit Negotiators Hold Off on Renewed Meetings Saturday
US Debt-Limit Negotiators Hold Off on Renewed Meetings Saturday
US debt-limit negotiators aren’t planning to meet on Saturday, according to people with knowledge of the matter, as
2023-05-21 00:27
Explainer-How important is the claimed capture by Russia's Wagner Group of Ukraine's Bakhmut?
Explainer-How important is the claimed capture by Russia's Wagner Group of Ukraine's Bakhmut?
By Andrew Osborn LONDON Russian mercenary chief Yevgeny Prigozhin said on Saturday that his Wagner fighters had completed
2023-05-21 00:19
DeSantis asks that judge be disqualified from Disney's free speech lawsuit
DeSantis asks that judge be disqualified from Disney's free speech lawsuit
Gov. Ron DeSantis is asking that a federal judge be disqualified from the First Amendment lawsuit filed by Disney against the Florida governor and his appointees
2023-05-20 23:56
Rune follows up win over Djokovic by beating Ruud to reach Italian Open final
Rune follows up win over Djokovic by beating Ruud to reach Italian Open final
Holger Rune followed up his latest victory over Novak Djokovic with another impressive performance to reach the Italian Open final
2023-05-20 23:49
Russia's Wagner group claims to have captured Bakhmut but Ukraine says it still controls a part of it
Russia's Wagner group claims to have captured Bakhmut but Ukraine says it still controls a part of it
The chief of the Russian private military group Wagner, Yevgeny Prigozhin, claimed Saturday that his forces have taken complete control of the eastern Ukrainian city of Bakhmut after months of brutal fighting.
2023-05-20 22:59
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