McCarthy and Biden Have 'Productive' Debt Ceiling Talks - But No Agreement Despite Looming Default
Summary by NewsWall May 25 23
- President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) both described their Monday evening meeting to discuss raising the debt ceiling as 'productive' - but differences between the two leaders still exist as a June 1 deadline to avert a federal default gets closer.
- McCarthy said the tone of the meeting was better than any previous negotiation, but he did not hear anything from the president indicating that the two had reached common ground beyond their shared desire to strike a deal.
- According to McCarthy, there are no Pentagon cuts or tax increases on the table, two areas where potential disagreements with the White House could arise. McCarthy added that he opposes a short-term debt ceiling increase.
- Treasury Secretary Janet Yellen reaffirmed on Sunday that June 1 is a hard deadline for the federal government to raise the debt ceiling before it is no longer able to pay its bills. A default on federal obligations would jeopardize the fulfillment of federal commitments and most experts believe it would be economically disastrous.
News on this topic
Here's what would happen to the global economy if the U.S. defaults on its debt
pbs.org/newshour/world/heres-what-would-happen-to-the-global-economy-if-the-u-s-defaults-on-its-debt
Freeze or Cut? Spending Fight Is Main Event in Debt-Ceiling Talks: Conservatives are pushing the House Speaker Kevin McCarthy for deep reductions ...
wsj.com/articles/freeze-or-cut-spending-fight-is-main-event-in-debt-ceiling-talks-3ffccb
Live updates: Debt ceiling negotiations continue as default deadline looms: Treasury Secretary Janet Yellen reinforced her warning to Congress on Monday that it ...
cnn.com/politics/live-news/debt-ceiling-negotiations-05-23-23/
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Previous
Here's what would happen to the global economy if the U.S. defaults on its debt
pbs.org/newshour/world/heres-what-would-happen-to-the-global-economy-if-the-u-s-defaults-on-its-debt
Freeze or Cut? Spending Fight Is Main Event in Debt-Ceiling Talks: Conservatives are pushing the House Speaker Kevin McCarthy for deep reductions ...
wsj.com/articles/freeze-or-cut-spending-fight-is-main-event-in-debt-ceiling-talks-3ffccb
Live updates: Debt ceiling negotiations continue as default deadline looms: Treasury Secretary Janet Yellen reinforced her warning to Congress on Monday that it ...
cnn.com/politics/live-news/debt-ceiling-negotiations-05-23-23/
GOP unites in brinkmanship over default, rejecting Biden compromises: Several House Republican lawmakers have begun casting doubt on the Treasury Department’s ...
washingtonpost.com/business/2023/05/24/debt-ceiling-gop-demands/
Biden’s problem with the debt ceiling blame game : The president and the Democrats don’t appear to have the upper hand as much as Obama did. In fact ...
washingtonpost.com/politics/2023/05/24/biden-hakeem-jeffries-debt-ceiling/
Biden 'optimistic' on debt ceiling as White House negotiation with McCarthy underway
apnews.com/article/debt-ceiling-biden-mccarthy-white-house-ba765d3f34f410fbc8dcdfb2ff67a90f
Debt ceiling timeline: When are Medicaid, Social Security and other payments in jeopardy
abcnews.go.com/Politics/timeline-social-security-medicaid-payments-jeopardy-us-defaults/story
Slim majority wants debt ceiling raised without spending cuts, poll finds: Joe Biden and Republicans in Congress cannot agree on a path forward to avoid debt ...
npr.org/2023/05/23/1177618681/slim-majority-wants-debt-ceiling-raised-without-spending-cuts-poll-finds
Fact Check: Was 40 Percent of National Debt 'Accumulated' Under Trump?: Donald Trump was blamed for U.S. debt as President Joe Biden and House Speaker Kevin ...
newsweek.com/donald-trump-debt-joe-biden-kevin-mccarthy-ceiling-1802049
Janet Yellen warns of US cash shortfall as default deadline looms: The Treasury Secretary thinks "a deal is possible," adding that officials are "working toward ...
markets.businessinsider.com/news/bonds/janet-yellen-warns-us-cash-shortfall-debt-ceiling-deadline-looms-2023-5
Odds of passing default X-date without debt-ceiling deal are 25% and rising: A technical default would still be avoidable even if the X-date is crossed ...
markets.businessinsider.com/news/bonds/default-odds-x-date-debt-limit-deal-us-credit-treasury-2023-5
Fitch puts US rating on negative watch as debt deadline looms: Ratings agency Fitch put the United States' credit on watch for a possible downgrade on Wednesday ...
reuters.com/markets/us/fitch-puts-us-negative-credit-watch-2023-05-24/
McCarthy sending negotiators to White House to finish debt limit talks, but sides 'far apart'
apnews.com/article/debt-limit-congress-mccarthy-biden-budget-850273c73ed40f4ad002fa24e50f9b40
Yellen Warns the U.S. Could Default as Soon as June 1: The so-called X-date could still come as early as next week.
nytimes.com/2023/05/22/us/politics/yellen-debt-limit-
The Two Bidens: The president started the debt-ceiling fight by saying he’d never negotiate, but he can’t seem to resist cutting deals.
nymag.com/intelligencer/2023/05/the-two-bidens-are-fighting-each-other-over-the-debt-ceiling.html
What are the hangups in the ongoing debt ceiling negotiations?: President Joe Biden and House Speaker Kevin McCarthy met Monday after a weekend of on again ...
pbs.org/newshour/politics/what-are-the-hangups-in-the-ongoing-debt-ceiling-negotiations
Five Ways Joe Biden Can Outmaneuver Kevin McCarthy Over the Debt Ceiling: The president has options to avoid a default without having to agree spending cuts—but ...
newsweek.com/joe-biden-kevin-mccarthy-debt-ceiling-other-options-1802196
Matt Gaetz Doesn't 'Believe' Janet Yellen on Looming Crisis: "I don't understand why we're not making Janet Yellen show her work," the Florida congressman said.
newsweek.com/matt-gaetz-janet-yellen-debt-default-deadline-1802205
House Republicans Pretty Much Admit They Are Taking Debt Limit ‘Hostage’: Rep. Matt Gaetz used the “h-word,” but Speaker Kevin McCarthy and negotiators also said ...
huffpost.com/entry/house-republicans-debt-limit-hostage_n_646d468fe4b0bfd64485b4ec
Republicans, White House see progress in US debt ceiling talks: WASHINGTON: Negotiators for Democratic President Joe Biden and top congressional Republican Kevin ...
channelnewsasia.com/world/republicans-white-house-see-progress-us-debt-ceiling-talks-3512901
No signs of progress from White House, Republicans in 'tough' debt ceiling talks: Representatives of President Joe Biden and congressional Republicans ended ...
reuters.com/markets/us/biden-mccarthy-aides-hunt-bipartisan-debt-ceiling-deal-2023-05-23/
McCarthy Faces Balancing Act on Debt Ceiling Deal: With right-wing Republicans all but certain to oppose any bipartisan compromise, the speaker has a narrow path ...
nytimes.com/2023/05/23/us/politics/mccarthy-democrats-republicans-debt-limit-deal.html
Kevin McCarthy tells Republicans both sides still divided in debt limit talks - UPI.com
upi.com/Top_News/US/2023/05/23/house-speaker-Kevin-McCarthy-not-close-bipartisan-debt-limit-deal/4751684876582/
Debt ceiling issues remain but Republicans, White House say ‘progress’ made: With just over a week left before the deadline, Joe Biden and House of ...
globalnews.ca/news/9719326/us-debt-ceiling-talks/
Stock market news today: Nasdaq, Dow dive as debt-ceiling talks continue: Investors were anxious Tuesday with no word on a debt-ceiling deal. "It's a slow walk ...
markets.businessinsider.com/news/stocks/stock-market-news-today-nasdaq-dow-debt-ceiling-talks-sp500-2023-5
President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement on how to raise the US government's $31 ... Show more
Biden, McCarthy meeting ends with no deal on debt ceiling: President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement Monday on how to ...
reuters.com/markets/us/fresh-round-debt-ceiling-talks-kick-off-us-default-worries-grow-2023-05-22/
Kevin McCarthy May Have Already Won the Debt-Limit Fight: No matter how the debt-limit negotiations turn out, Speaker Kevin McCarthy may have already won his ...
nymag.com/intelligencer/2023/05/kevin-mccarthy-may-have-already-won-the-debt-limit-fight.html
U.S. Faces ‘Elevated Risk’ of Default in Early June, a New Report Warns: The Bipartisan Policy Center said the government will be operating on “dangerously low” ...
nytimes.com/2023/05/23/us/politics/debt-limit-default-xdate-report.html
Stocks will be damaged even if there's a debt ceiling deal: market vet: Stocks will come under pressure even if the US raises the debt ceiling in time ...
markets.businessinsider.com/news/stocks/debt-ceiling-deal-default-stock-market-outlook-damage-biden-mccarthy-2023-5
Debt ceiling debacle is ultimate winner’s curse: How could the United States sail so close to defaulting on its debts? There’s an easy answer: political ...
reuters.com/breakingviews/debt-ceiling-debacle-is-ultimate-winners-curse-2023-05-23/
Yellen doubles down on June deadline to avoid US debt default: Treasury Secretary Janet Yellen warned the U.S. could default on its financial obligations by ...
foxbusiness.com/economy/yellen-doubles-down-june-deadline-avoid-us-debt-default
US debt ceiling crisis live: Treasury secretary Janet Yellen confirms 1 June deadline as deal remains elusive
theguardian.com/us-news/live/2023/may/23/debt-ceiling-deadline-biden-mccarthy-yellen-politics-live-updates
Wharton professor Jeremy Siegel sees zero chance of a US debt default: "There is zero chance the debt issue will not get resolved," Siegel said in his WisdomTree ...
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usnews.com/news/politics/articles/2023-05-22/biden-mccarthy-meeting-better-tone-but-no-deal
Here are some possible debt ceiling escape hatches for McCarthy, Biden: Washington is scrambling to stave off an unprecedented debt default as roughly a week ...
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A Biden-McCarthy Handshake is Just the Beginning for a Debt Deal: This is Washington Edition, the newsletter about money, power and politics in the nation’s ...
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Janet Yellen Says Treasury Is 'Not Involved' in Planning With Investors for Default
time.com/6282370/yellen-debt-ceiling-banks/
Yellen Reiterates Treasury May Run Out of Cash as Soon as June 1: US Treasury Secretary Janet Yellen reiterated that her department may run out of cash to pay ...
bloomberg.com/news/articles/2023-05-24/yellen-reiterates-treasury-may-run-out-of-cash-soon-as-june-1
Yellen Says Treasury Pushing for Debt-Limit Deal, Not Prepping for Default: Treasury Secretary Janet Yellen said that signs of market stress are now beginning to ...
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McCarthy sending negotiators to White House to finish debt limit talks, but sides ‘far apart’
orlandosentinel.com/2023/05/24/mccarthy-sending-negotiators-to-white-house-to-finish-debt-limit-talks-but-sides-far-apart/
Yellen Says Treasury Uninvolved With Banks in Default Planning: Treasury Secretary Janet Yellen said the Biden administration is committed to not having missed ...
bloomberg.com/news/articles/2023-05-24/yellen-says-treasury-uninvolved-in-planning-for-us-default
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Half of Americans Say Congress Should Raise Debt Limit Without Strings Attached: Half of Americans say the US debt ceiling should be raised without strings ...
bloomberg.com/news/articles/2023-05-24/half-of-americans-say-congress-should-pass-clean-debt-ceiling
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foxbusiness.com/economy/who-would-be-hit-hardest-us-debt-default
Yellen Warns of Missed Payments if Debt Limit Is Not Lifted: The Treasury secretary said the Biden administration would face “very tough choices” if Congress did ...
nytimes.com/2023/05/24/us/politics/yellen-debt-limit.html
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McCarthy sending negotiators to White House to finish debt limit talks, but sides ‘far apart’
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time.com/6281003/debt-ceiling-history/
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nytimes.com/live/2023/05/22/us/debt-ceiling-biden-mccarthy
House Republicans are dealmaking newbies — and that’s a problem: Kevin McCarthy has mostly been sidelined from major bipartisan negotiations — until now.
politico.com/news/2023/05/24/mccarthy-debt-talk-problem-biden-00098429
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time.com/6282188/democrats-biden-folding-debt-limit/
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Fitch puts U.S. credit rating on negative watch as debt ceiling deadline looms: Ratings agency Fitch on Wednesday put the United States' credit on watch for a ...
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channelnewsasia.com/business/fitch-puts-us-rating-negative-watch-debt-deadline-looms-3513726
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