in recent days, as both sides reverted to calling the other’s position extremist and talks stalled.
He also suggested some Republican lawmakers were willing to see the US default on its debt so that the disastrous results would prevent Biden, a Democrat, from winning reelection in 2024. On Friday, May 19, the United States was forced to pay record-high interest rates in a recent debt offer.McCarthy said Republicans backed an increase in the defense budget while cutting overall spending, and that debt ceiling talks have not included discussions about tax cuts passed under former president Donald Trump.
Republicans hold a slim majority in the House and Biden’s fellow Democrats have narrow control of the Senate, so no deal can pass without bipartisan support. But time is running short as Monday’s meeting will take place with just 10 days left to hammer out a deal before hitting Treasury’s deadline.
Source: Loan Digest (loandigest.net)
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