on everything from car payments to credit cards. Ongoing uncertainty is already weighing on investors and stocks.McCarthy's Republicans control the House 222-213, while Biden's Democrats hold the Senate 51-49, making it difficult to reach a bipartisan deal that would secure enough votes to pass.
A White House official on Monday said that Republican negotiators had proposed additional cuts to programs providing food aid to low-income Americans, adding that no deal could pass Congress without support from both parties.Speaker of the House Kevin McCarthy arrives for a portrait unveiling ceremony for former Speaker of the House Paul Ryan on Capitol Hill in Washington, U.S., May 17, 2023.
Biden, who has made the economy a centerpiece of his domestic agenda and is seeking re-election, has said he would consider spending cuts alongside tax adjustments but that Republicans' latest offer was "unacceptable." Some far-right House Freedom Caucus members have urged a halt to talks, demanding that the Senate adopt their House-passed legislation, which has been rejected by Democrats. Former President Donald Trump, a Republican who is seeking another term after losing to Biden in the 2020 election, has urged members of his party to force a default if they do not achieve all their goals, downplaying any economic consequences.
Biden is racing for a solution after refusing for months to negotiate on the debt ceiling and insisting that Republicans should pass a "clean" unconditional increase before he would agree to any spending negotiations.
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