The Treasury Department said that if the agreement continued, the government would run out of funds to pay all its bills on June 5.
The leading Republican Congress, kevin mccarthysaid this Saturday that they are achieving “advances” in the negotiations with the Democratic President Joe Bidenabout him debt ceiling increase of the federal government, when the country faces the risk of suspension of payments in just over a week.
He Treasury Department said last Friday that the government would run out of funds to pay all your bills 5th June if Congress doesn’t act, a slightly longer but more certain time frame than its previous default forecast as of June 1.
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AFP
Any agreement in principle between the Democratic president Joe Biden and the top Republican congressman kevin mccarthy It will be the start of what could easily be a week-long legislative process in a highly divided and polarized Congress.
US debt: how are the negotiations going?
“We don’t have an agreement,” McCarthy said. to journalists. “We haven’t reached it yet. We have made progress, we have worked until well into the morning. And we come back to it now.” republicans hardline House of Representatives threatened to block any bill that does not meet their expectationsincluding sharp spending cuts.
The democrats They also put their support for some of the commitments on the negotiation table, especially around the imposition of new job requirements in federal anti-poverty programs.
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The republicans control the House of Representatives by a 222-213 margin, while the democrats have a 51-49 majority in the Senateleaving a narrow path to signing into law any agreement between the Democratic president and the Republican leader.
Republicans tried to slash public spending in the next 10 years to curb the growth of US debt, which currently equals the annual output of the economy. But the tentative deal is likely to fall short of its goal.
Source: Ambito
