President Joe Biden will discuss the debt limit with House Speaker Kevin McCarthy and congressional leaders at the White House.
While Biden has remained upbeat that “we'll be able to do this,” McCarthy is prodding the president to move faster to avert a crisis. The Republican speaker says they need an agreement soon to avoid default. Expectations are low that a deal is that close at hand. Instead, it is more likely that staff talks will continue while the president is overseas.But Biden was optimistic, saying over the weekend, “There’s a desire on their part as well as ours to reach an agreement.
Among the items on the table: clawing back some $30 billion in untapped COVID-19 money, imposing future budget caps, approving permitting reforms to ease energy development and putting bolstered work requirements on recipients of government aid, according to those familiar with the talks. But Biden has insisted Republicans must rule out default and consider budget issues separate from the need to raise the nation's debt limit. The president has said it took McCarthy all this time to put forward his own proposal after Republicans failed to produce their own budget this year.
But Yellen, in a letter to the House and Senate, left some opening for a possible time extension on a national default, stating that “the actual date Treasury exhausts extraordinary measures could be a number of days or weeks later than these estimates.”Time is dwindling. Congress has just a few days when both the House and Senate are in session to pass legislation.
Republicans led by McCarthy want Biden to accept their proposal to roll back spending, cap future outlays and make other policy changes in. McCarthy says the House is the only chamber that has taken action to raise the debt ceiling. But the House bill is almost certain to fail in the Senate, controlled by Democrats, and Biden has said he would veto it.
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