Debt ceiling: No agreement yet, but Biden, McCarthy say they're optimistic after meeting

It's a crucial moment for the Democratic president and the Republican speaker, just 10 days before a looming deadline to raise the debt limit.

A budget deal would unlock a separate vote to lift the debt ceiling, now $31 trillion, to allow more borrowing. Treasury Secretary Yellen said Sunday that June 1 is a "hard deadline." Biden and McCarthy spoke by phone Sunday while the president was returning home on Air Force One after the Group of Seven summit in Japan. "It went well, we’ll talk tomorrow," Biden said in response to a shouted question upon his return late Sunday.

Bur McCarthy continued to blame Biden for having refused to engage earlier on annual federal spending, a separate issue but linked to the nation’s debt. Republicans also want work requirements on the Medicaid health care program, though the Biden administration has countered that millions of people could lose coverage. The GOP additionally introduced new cuts to food aid by restricting states’ ability to waive work requirements in places with high joblessness. But Democrats have said any changes to work requirements for government aid recipients are nonstarters.

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.

President Biden, House Speaker McCarthy to meet at White House over debt ceilingThe meeting Monday between the president and the new Republican speaker will be a race to prevent the looming debt crisis. There are 10 days until a potential default.
Source: abc7newsbayarea - 🏆 529. / 51 Read more »

Biden, House Speaker McCarthy could speak Sunday on debt limitU.S. President Joe Biden and top congressional Republican Kevin McCarthy could speak as soon as Sunday in talks over raising the federal $31.4 trillion debt ceiling.
Source: Reuters - 🏆 2. / 97 Read more »

Biden, House Speaker McCarthy to speak on debt limit“We’re going to get a chance to talk later today,” Biden said of McCarthy, R-Calif., while the president met with the leaders of Japan and South Korea at the G7 in Hiroshima, Japan.
Source: nypost - 🏆 91. / 67 Read more »

Biden plans call with House Speaker McCarthy Sunday on debt limit By Reuters*BIDEN PLANS CALL WITH HOUSE SPEAKER MCCARTHY SUNDAY ON DEBT LIMIT AS TALKS STALL 🇺🇸🇺🇸
Source: Investingcom - 🏆 450. / 53 Read more »

Biden, McCarthy to meet at White House amid deadlock in debt limit talksHouse Speaker Kevin McCarthy is to meet Monday with President Biden at the White House in hopes of forging a breakthrough on a deal to cut spending and raise the debt limit.
Source: WashTimes - 🏆 235. / 63 Read more »

Biden spoke with House Speaker McCarthy about debt limit during return flight from JapanMcCarthy calls phone call ‘productive’ and says he and the president will meet in person on Monday.
Source: MarketWatch - 🏆 3. / 97 Read more »