US debt ceiling talks struggle before deadline as 'major issues' remain

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House Speaker Kevin McCarthy said progress had been made in negotiations aimed at securing a deal on raising the US government's $31.4 trillion debt ceiling

WASHINGTON, May 26 - Democratic and Republican negotiators struggled on Friday to reach a deal to raise the U.S. government's $31.4 trillion, as they remained at odds over whether to stiffen work requirements for some anti-poverty programs.

"I do not think it's right that you borrow money from China to pay people to stay home - that are able-bodied with no dependents," McCarthy told reporters. The sun sets behind the U.S. Capitol building in Washington, U.S., October 6, 2021. REUTERS/Leah MillisA failure by Congress to raise its self-imposed debt ceiling in the coming week could trigger a default that would shake financial markets and send the United States into a deep recession.on Friday as investors hoped for progress in the negotiations. A two-year extension would mean Congress would not need to address the limit again until after the 2024 presidential election.

The White House is working on a way to preserve its effort to target wealthy taxpayers, the official said.

Source: Loan Digest (loandigest.net)

 

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