US Republicans and Biden's Democratic administration pause talks on raising federal government's $31.4 trillion debt ceiling, rattling financial markets as default date nears
A poster on a bus shelter showing the national debt is seen in Washington, DC, on May 19, 2023. / Photo: AFP
McCarthy said on Friday resolution to the standoff is"easy," if only Democratic President Joe Biden's team would agree to some spending cuts Republicans are demanding. "We’ve got to get movement by the White House and we don’t have any movement yet," McCarthy, R-Calif., told reporters at the Capitol."So, yeah, we’ve got to pause."
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