. Upbeat, McCarthy, R-Calif., told reporters at the Capitol that the call was "productive" and that the on-again, off-again negotiations between his staff and White House representatives are focused on spending cuts.Negotiators for the Democratic president and Republican speaker met as talks appear to be narrowing on a 2024 budget year cap that would be key to resolving the standoff. They face a deadline, as soon as June 1, when the government could run out of cash to pay its bills.
US President Joe Biden speaks during a press conference, following the conclusion of the G7 Summit Leaders Meeting on May 21, 2023 in Hiroshima, Japan. Earlier, Biden used his concluding news conference in Hiroshima, Japan, to warn House Republicans that they must move off their "extreme positions" over raising the debt limit and that there would be no agreement to avoid a catastrophic default only on their terms.
GOP lawmakers are holding tight to demands for sharp spending cuts with caps on future spending, rejecting the alternatives proposed by the White House for reducing deficits in part with revenue from taxes. GOP lawmakers are also seeking cuts in IRS money and, by sparing Defense and Veterans accounts from reductions, would shift the bulk of spending reductions to other federal programs.
"I think that we can reach an agreement," Biden said, though he added this about Republicans: "I can’t guarantee that they wouldn’t force a default by doing something outrageous."
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.
Source: WashTimes - 🏆 235. / 63 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: trtworld - 🏆 101. / 63 Read more »