Analysts skeptical face-to-face talks between Biden and McCarthy will soon end high-stakes talks over debt ceiling
President Joe Biden and House of Representatives Speaker Kevin McCarthy will meet at the White House on Wednesday for talks in the standoff over the federal debt ceiling and prospect for a U.S. default.
Analysts are skeptical that the face-to-face talks between the Democratic president and Republican leader, confirmed by both sides on Sunday, will soon end a high-stakes crisis where members of both parties see opportunities to score political points before the U.S. Treasury“The President will ask Speaker McCarthy if he intends to meet his Constitutional obligation to prevent a national default, as every other House and Senate leader in U.S.
The U.S. Treasury this month activated extraordinary cash management measures to avoid breaching the $31.4 trillion limit on federal debt imposed by Congress. But without an increase by early June, the Treasury has said it may run short of cash to pay the government’s bills, risking the biggest threat of default since a 2011 standoff.
On Sunday, the president’s spokesperson said the talks would cover “a range of issues” and were aimed at “strengthening his working relationship” with McCarthy, whose party is ramping up investigations into Biden since they took control of the House from Democrats following November’s midterm elections.of McCarthy’s Republican caucus.
White House spokesman Andrew Bates said that McCarthy’s pledge to strengthen the programs would lead to cuts.
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