Debt limit talks appear deadlocked as GOP won’t budge on spending cuts

WASHINGTON — Debt limit negotiations between the White House and House Republicans appeared deadlocked during the weekend, as GOP lawmakers held tight to demands for sharp spending cuts, rejecting alternative ways to reduce deficits. President Joe Biden and world leaders are keeping watch from afar hoping high-stakes discussions would make progress on avoiding a potentially catastrophic federal default.

In the latest round, McCarthy’s team called for deep cuts to non-defense spending, while insisting on increased funding for the military. Education, health care, Meals on Wheels and other programs would likely bear the burden, according to the person. Republicans have also rejected White House proposals to raise revenues in order to further lower deficits. Among the proposals the GOP objects to are policies that would enable Medicare to pay less for prescription drugs and the closing of a dozen tax loopholes. Republicans have refused to roll back the Trump-era tax breaks on corporations and wealthy households as Biden’s own budget has proposed.

“Let’s be clear: The president’s team is ready to meet any time,” said Jean-Pierre, adding that Republican leadership is beholden to its extreme wing in threatening default.He said “the socialist wing” of the Democratic party appears to be in control, “especially with President Biden out of the country.”

“The first meetings weren’t all that progressive, the second ones were, the third one was,” he said. The president added that he believes “we’ll be able to avoid a default, and we’ll get something decent done.” “We reengaged, had a very, very candid discussion,” Rep. Garret Graves, R-La., a negotiator on McCarthy’s side, said Friday evening.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Yellen says early June is 'hard deadline' for raising debt limit, warns bills will go unpaid'There will be hard choices to make about what bills go unpaid' if Congress and the White House fail to reach a deal in time, Treasury Secretary Janet Yellen said on “Meet the Press.'
Source: NBCNews - 🏆 10. / 86 Read more »

US Treasury Secretary Yellen: June 1 remains a 'hard deadline' for raising the Federal debt limitUS Treasury Secretary Yellen: June 1 remains a “hard deadline” for raising the Federal debt limit – by anilpanchal7 UnitedStates FiscalPolicy Politics RiskAppetite NewsTrading
Source: FXStreetNews - 🏆 14. / 72 Read more »

Biden: GOP must move off 'extreme' positions, no debt limit deal solely on its 'partisan terms'President Joe Biden said Sunday that Republicans in the U.S. House must move off their 'extreme positions' on the now-stalled talks over raising America's debt limit and that there would be no agreement to avert a catastrophic default only on their terms.
Source: KPRC2 - 🏆 80. / 68 Read more »

Biden says GOP must move off 'extreme' positions in debt limit talksGOP lawmakers are holding tight to demands for sharp spending cuts, rejecting the alternatives proposed by the White House for reducing deficits.
Source: kgun9 - 🏆 584. / 51 Read more »

Biden: GOP must move off ‘extreme’ positions, no debt limit deal solely on its ‘partisan terms’President Joe Biden said Sunday that Republicans in the U.S. House must move off their 'extreme positions' on the now-stalled talks over raising America's debt limit and that there would be no agreement to avert a catastrophic default only on their terms.
Source: WashTimes - 🏆 235. / 63 Read more »