Joe Biden Kevin Maccarthy Janet Yellen Washington city Washington president economy Government bill Department travelers Health Joe Biden Kevin Maccarthy Janet Yellen Washington city Washington

Debt ceiling explained: Why it's a struggle, how the impasse could end

Reading now: 922
www.fox29.com

WASHINGTON - President Joe Biden and House Speaker Kevin McCarthy will meet face to face Monday after a weekend of on again, off again negotiations over raising the nation's debt ceiling and mere days before the government could reach a "hard deadline" and run out of cash to pay its bills.The two sides are working to reach a budget compromise before June 1, when Treasury Secretary Janet Yellen has said the country could default.McCarthy and Republicans are insisting on spending cuts in exchange for raising the debt limit.

Biden has come to the negotiating table after balking for months but says the GOP lawmakers will have to back off their "extreme positions."On Sunday evening, negotiators met again and appeared to be narrowing on a 2024 budget year cap that could resolve the standoff.

After speaking with Biden by phone as the president traveled home from a trip to Asia, McCarthy sounded somewhat optimistic.

But he warned that "there's no agreement on anything."U.S. Speaker of the House Kevin McCarthy (R-CA) talks to reporters at the U.S.

Read more on fox29.com
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

Why one Ontario animal rescue is being inundated with unwanted dogs - globalnews.ca - county Simcoe
globalnews.ca
80%
636
Why one Ontario animal rescue is being inundated with unwanted dogs
animal rescue agency is asking for help as adoption rates sit at an all-time low while more dogs are coming into their care.Precious Paws Rescue says that post-pandemic, and with the rising cost of living, they are seeing an increase in dogs being given up and a decrease in people looking to adopt a furry friend.The animal rescue agency is a charity that helps re-home dogs from shelters and owner surrenders and helps owners who can’t afford pet food or emergency surgeries.The rescue’s founder says 2023 has been the most challenging year for adoption applications in their 17 years of operation.“COVID brought a huge surge in people who wanted dogs because they were at home, and it was just more feasible for them. During COVID, we had all kinds of applications, and the dogs were placed in homes fairly quickly once they were ready for adoption,” Cassandra Hauck says.“This year, we’re finding even that healthy, happy, 12-week-old puppies are not getting applications very quickly.”She says they are seeing a lot of dogs purchased during the pandemic that were not properly trained are now being given up.Hauck says they’re seeing more dogs being surrendered, and need more people looking to adopt.She notes on average, they usually have between 10 to 20 dogs at a time in foster homes, but right now, they have 25.Some of their dogs have been with foster families for more than a year.“I think that people being back working outside of the home is making it more difficult to have time for pets in their home.
Joe Biden - Kevin Maccarthy - Janet Yellen - Debt ceiling deal needs to happen by June 5 to avoid default: Yellen - globalnews.ca - Usa
globalnews.ca
93%
555
Debt ceiling deal needs to happen by June 5 to avoid default: Yellen
Memorial Day long weekend, Treasury Secretary Janet Yellen extended the deadline for a deal to raise the government’s $31.4 trillion debt ceiling, but only by four days.Originally, Yellen said the deadline was as early as June 1 to avoid a potential default but in a letter to Congress on Friday, the date was extended to June 5.Yellen said her department would make more than $130 billion in scheduled payments in the first two days of the month, including to veterans and Social Security and Medicare recipients, but encouraged the White House and Republicans to come to an agreement “as soon as possible.”“If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” she wrote.The extension comes as President Joe Biden and Republican Speaker Kevin McCarthy appeared to narrow in on a two-year budget deal that was aimed at curbing federal deficits.The pair are hoping to strike a compromise over the weekend, but any deal would need to be a compromise as support would be needed from Republicans and Democrats to pass a divided and narrowly-controlled Congress.On Friday evening before departing for Camp David, Biden said “things are looking good.”“I’m hoping we’ll have some clear evidence tonight before the clock strikes 12 that we have a deal,” he said. “But it’s very close.”Despite potential hang-ups, including over stiffer work requirements on people receiving government food stamps, both sides appeared to be optimistic that they could find a deal.“I’m a total optimist,” McCarthy said Friday.
DMCA