Stocks drifted to a mixed finish as Wall Street waited for the results of a pivotal meeting meant to avoid a potentially disastrous default on the U.S. government’s debt.“That has got to stop, and it’s got to end now,” McCarthy after the Oval Office meeting.
After a weekend of start-stop talks, both Biden and McCarthy have declared a need to close out a compromise deal. U.S. financial markets turned down last week after negotiations paused amid a jittery economy. Negotiators for the White House were back at it again for nearly three hours Monday morning with McCarthy’s team at the Capitol ahead of the session at the White House.
Debt ceiling negotiations between President Biden and Republican leaders are sputtering toward the brink of an unprecedented federal default, and perhaps beyond. 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.
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