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The clock does not stop its way and The United States is eight days away from June 1date on which the Treasury Department it could run out of money to continue paying government obligations, which would not only cause an internal economic crisis, but also an external one.
To avoid a financial “catastrophe,” the Speaker of the House of Representatives will send his Republican negotiating team to the White House on Wednesday to “try to finish the negotiations” on the debt ceiling.
In an interview with the press, Kevin McCarthy pointed out that “there are a number of places where we are still very far apart. I mean, It wouldn’t seem like it would be that hard“.
McCarthy’s decision comes hours after negotiations between his advisers, and those of the Biden Administration came to nothing on Tuesday.
Very early, while McCarthy was going to the Capitol, the aforementioned medium approached him to find out at what point the conversation is, to which he said “I still feel that the conversations are productive.”
And even admitted that He has not exchanged a word with Joe Biden since Monday.
“I hope they go back and realize what the American public is telling them as well, that You can’t have the highest percentage of debt and spend the most money. while earning the most amount of income. You have to change that behavior, just like you would in any home. And I’m hoping that when they come, if they come back today, they realize that,” McCarthy said.
ABC News reported that Rep. Garrett Graves of Louisiana is clear that time is not on his side, “look, you can start counting down the days and there’s no question, We are reaching the critical moment. We’ve been trying to see things differently, trying to come up with new ideas. We recognize the urgency here, but we also recognize the House with a strong package on the table that saves funds.”
McCarthy also noted that lDemocrats don’t want to “crack their spending addiction” and while he did not reveal how much he wants to cut, he did say that the “Democrats don’t even want to spend less, they want to spend more, and that’s not reasonable.”
While the negotiators will seek a prompt solution to this situation, Treasury Secretary Janet Yellen once again mentioned what could be the day the United States defaults on its debt, and added that it is “difficult to be precise” about what will happen around that date.
Keep reading
• The Treasury Department could run out of cash the first week of June, according to a new report
• Janet Yellen warns that the US will have to make “tough decisions” if it does not raise the debt ceiling
• Debt ceiling negotiations end without knowing when they will resume