A second meeting on Friday between White House and Republican congressional negotiators broke up with no progress.
A second meeting on Friday between White House and Republican congressional negotiators on raising the federal government's $31.4 trillion debt ceiling broke up with no progress cited by either side and no additional meeting set.
"There continues to be real ... differences between the parties on these issues," White House spokesperson Karine Jean-Pierre told reporters in Hiroshima, Japan, where President Joe Biden is attending a meeting of leaders of the Group of Seven rich nations.
U.S. stocks closed the week on a soft note after news of the stalled negotiations. Republicans are pushing for sharp spending cuts in exchange for the increase in the government's self-imposed borrowing limit, a move needed regularly to cover costs of spending and tax cuts previously approved by lawmakers.
That plan does not specify what spending would be cut, but some Republicans have said they would shield military and veterans programs. Democrats say that would force average cuts of at least 22% on domestic programs like education and law enforcement, a figure top Republicans have not disputed.Biden and McCarthy spent most of the year in an impasse with the White House insisting on a "clean" increase in the debt ceiling without conditions.
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