No Agreement Yet on Debt Ceiling, But Biden, McCarthy Say They're Optimistic After Meeting

The contours of an agreement appear within reach, and the negotiations have narrowed on a 2024 budget year cap that would be key to resolving the standoff. Republicans have insisted next year’s spending cannot be more than current 2023 levels, but Democrats have refused to accept the steeper cuts McCarthy’s team proposed and the White House instead offered to hold spending flat.

“We have to spend less next year than we spent this year,” McCarthy, R-Calif. reiterated and pointed to the House’s spending cuts as the “framework” for a deal.After a weekend of start-stop talks, both Biden and McCarthy have declared a need to close out a compromise deal. The call revived talks, and negotiators met for 2 1/2 hours at the Capitol late Sunday evening, saying little as they left. Financial markets “We’ll keep working,” said Steve Ricchetti, counselor to the president, as the White House team exited talks late Sunday.

After the Monday morning's three-hour session with the White House team, Republican negotiator McHenry told reporters: “We’re at a very sensitive point here, and the goal is to get something that can be legislated into law.” GOP lawmakers are also seeking cuts in IRS money and, by sparing Defense and Veterans accounts from reductions, would shift the bulk of spending reductions to other federal programs.

Source: Loan Digest (loandigest.net)

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