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The negotiators of the White House and the Republican leaders of the Congress They are “close” to reaching an agreement that would raise the debt ceiling to $31.4 trillion dollars over two years, as the country’s deadline to avoid default approaches.
A Republican close to the negotiations said Thursday night that the parties, which include Joe Biden administration officials and Republican lawmakers, could announce agreement to raise debt ceiling as early as Fridayaccording to various media.
The possible agreement would raise the debt ceiling for two years and would impose caps on discretionary government spendingexcept for military or veterans affairs, according to The New York Times.
As he left the Capitol on Thursday night, the main Republican leader in Congress, Kevin McCarhtysaid that an agreement had not yet been reached and that negotiations with the White House “are not easy.”
For its part, the White House reiterated its message that a suspension of payments “is not on the table”, spokeswoman Karine Jean-Pierre said at a press conference.
The White House press officer also stressed that “the only option” to raise the debt ceiling is for Congress to reach an agreement, refusing to answer a question from the press about whether the White House has a plan B.
Unlike most countries, The United States can only borrow up to the limit set by Congress.the debt ceiling or limit, which requires a legislative agreement each time the country needs to raise it to meet its debts.
The current debt ceiling, of $3.4 trillion, was reached in January, and the country could find itself in default as soon as June 1 if Democrats and Republicans do not reach an agreement to raise it sooner.
The Republicans in the Lower House, led by McCarthy, want agreements to reduce public spending and criticize the government of Democrat Joe Biden for not having previously sought an agreement on the debt ceiling.
Negotiations are advancing against the clock, since June 1 is the deadline by which, according to the Treasury Department, the US will run out of reserves.
It may interest you:
– Janet Yellen warns that the US will have to make “tough decisions” if it does not raise the debt ceiling
– The Treasury Department could run out of cash the first week of June, according to a new report
– McCarthy will seek through his team to “finalize the negotiations” on the debt ceiling