What Is the Debt Ceiling Fight About and What Happens If the US Defaults?

will meet face to face Monday after a weekend of on again, off again negotiations over raising the nation's debt ceiling and mere days before the government could reach a “hard deadline” and run out of cash to pay its bills.

On Sunday evening, negotiators met again and appeared to be narrowing on a 2024 budget year cap that could resolve the standoff. After speaking with Biden by phone as the president traveled home from a trip to Asia, McCarthy sounded somewhat optimistic. But he warned that"there's no agreement on anything.

The Republicans say the nation's debt, now at $31 trillion, is unsustainable. They also want to attach other priorities, including stiffer work requirements on recipients of government cash aid, food stamps and the Medicaid health care program. Many Democrats oppose those requirements. Start-stop negotiations were back on track late Sunday, and all sides appear to be racing toward a deal. Negotiators left the Capitol after 8 p.m. Sunday and said they would keep working.

President Biden and Speaker Kevin McCarthy will meet face to face Monday to try to find a way to keep the country from defaulting on its bills. NBCs Brie Jackson Reports.Republicans want to roll back spending to 2022 levels and cap future spending for the next decade.

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.

Biden ratchets up the pressure as the debt ceiling fight strains his presidencyThe White House believes it can build consensus and be rewarded for it. But with the economy on the line, it’s not looking like a sure thing.
Source: politico - 🏆 381. / 59 Read more »

Biden: I Have ‘Authority’ to Use 14th Amendment in Debt Ceiling FightPresident Joe Biden said Sunday that he believes he has the legal “authority” to invoke the 14th Amendment of the U.S. Constitution to go around Republicans and raise the $31.4 trillion debt ceiling.
Source: thedailybeast - 🏆 307. / 63 Read more »

US debt ceiling crisis: Bullish or bearish for Bitcoin?Risk assessment of a possible debt default in the U.S., and the impact of the debt ceiling crisis on crypto and the broader market. Dive deeper into the US debt ceiling crisis with the latest episode of Cointelegraph Report. Watch the full video here:
Source: Cointelegraph - 🏆 562. / 51 Read more »

White House spars over President Biden's lack of urgency amid debt ceiling negotiationsWhite House Press Secretary Karine Jean-Pierre sparred with Fox News Channel's White House correspondent Peter Doocy about President Biden's lack of involvement in the debt ceiling negotiations.
Source: FoxNews - 🏆 9. / 87 Read more »

How Garret Graves became Republicans’ debt ceiling negotiation frontmanGarret Graves isn’t among the elected leadership of the House GOP, but he’s taking on an enormous task by becoming the Republicans’ debt ceiling negotiation frontman.
Source: washingtonpost - 🏆 95. / 72 Read more »

Debt ceiling negotiators have no plans to meet SaturdayThere are no meetings currently scheduled for Saturday between White House and GOP negotiators, multiple sources familiar with the matter told ABC News.
Source: ABC - 🏆 471. / 51 Read more »