Rather, the White House once more emphasised that Biden is just not prepared to entertain coverage concessions in alternate for lifting the debt restrict, which is the nation’s borrowing authority.
The US bumped up in opposition to that restrict Thursday, and the Treasury Department has deployed “extraordinary measures” to stave off a possible default for at the very least a couple of extra months.
The prime two Democrats in Congress, Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries, each of New York, will meet with Biden on Tuesday, the White House mentioned.
McCarthy, R-Calif., and his new majority within the House have mentioned they’ll push modifications, reminiscent of overhauls to entitlement applications, to ensure that Congress to lift the debt restrict. The promise revived the prospects of a serious fiscal standoff just like the one in summer season 2011, which prompted the primary downgrade on a portion of the federal authorities’s AAA bond ranking by Standard & Poor’s.
“President Biden: I accept your invitation to sit down and discuss a responsible debt ceiling increase to address irresponsible government spending,” McCarthy mentioned on Twitter earlier Friday, after Jean-Pierre mentioned at a briefing that she had no date to share a couple of assembly between Biden and the speaker.
On the Republican proposals, Jean-Pierre mentioned Biden “looks forward to learning more about those plans.”
His treasury secretary, Janet Yellen, also urged lawmakers to act expeditiously on increasing the limit, saying the Treasury Department does not collect enough in taxes to cover the spending that Congress has authorised.
“It’s utterly essential that Congress raise the debt ceiling, and this has been the position of every treasury secretary,” Yellen said told reporters while traveling in Africa. “I would just say that really we cannot negotiate over whether or not we’re going to honor our obligations.”
Associated Press author Fatima Hussein in Dakar, Senegal, contributed to this report.
