Late last week, the Biden administration appeared to backtrack on its original ultimatum to Congress to raise the national debt ceiling unconditionally, offering in exchange for the decision to freeze next year’s spending. But the Republicans who control the House of Representatives did not accept this proposal, apparently counting on additional concessions from the White House. Negotiations were in jeopardy, and US Treasury Secretary Janet Yellen decided to scare the deadlines again, saying in a letter to congressional leaders that without raising the national debt ceiling, America could default on the June 1st. According to his predictions, this promises serious hardship for American families, challenges the reputation of the United States and its ability to ensure its national security. She urged not to delay the search for a solution until the last minute, as the uncertainty on the brink could hurt business and negatively affect the credit rating of the United States.
Biden, after meeting opponents in the White House, acknowledged that differences between the parties remained, but called it “productive.” “We have reaffirmed that a default is out of the question and the only way forward is to move towards a bipartisan agreement,” he said in a statement after the talks.
McCarthy answered “no” three times to reporters’ questions about whether Americans should be prepared for a possible default and its unpleasant consequences. The lower house speaker called the tone of the meeting at the White House “better than any before,” and called the remaining contentious points “philosophical.” He is also convinced that the parties “will be able to reach” a compromise. “The president and I will talk every day until we decide that,” he promised.
Although journalists and experts agree that the parties will always agree, no parameters for a possible compromise have been announced. Admittedly, the parties are already definitively unanimous on the fact that American military spending will not go under the knife. McCarthy said he shares Biden’s concern about China’s growing challenges to America, as well as the conflict in Ukraine, which needs the money.
Meanwhile, according to the newspaper The hill , due to disputes over the public debt, US lawmakers are in no hurry to discuss allocating additional funds for military assistance to Kiev, although previously approved amounts may run out by the middle of the summer. At the same time, a new round of discussions on this subject will be the first since the renewal of Congress in January this year, when the House of Representatives came under the control of the Republican Party, some members of Congress criticize the question of supporting Ukraine. In this sense, as the publication points out, the process of agreeing on a new bill with money for Kyiv will make it clear whether the Republicans will really seek to reduce this aid. Moreover, according to The Hill’s sources, the results of the Ukrainian Armed Forces counter-offensive announced by Western media could have an impact on this process.
Read the Latest Science and Technology News Today on The Eastern Herald.
