Biden and top congressional Republican Kevin McCarthy appeared to be nearing a deal to cut spending and raise the government's $31.4 trillion debt ceiling, with little time to spare to head off the risk of default.
WASHINGTON — U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to beto cut spending and raise the government's $31.4 trillion debt ceiling, with little time to spare to head off the risk of default.
It is unclear precisely how much time Congress has left to act. The Treasury Department was warned that it could be unable to cover all its obligations as soon as June 1, but on Thursday said it would sell $119 billion worth of debt that will come due on that date, suggesting to some market watchers that it was not an iron-clad deadline.
His office did not respond to a request for comment about the possible agreement with the Democratic president. Biden has resisted Republican proposals to stiffen work requirements for anti-poverty programs and loosen oil and gas drilling rules, according to Democratic Rep. Mark Takano. Deputy Treasury Secretary Wally Adeyemo said concerns about the debt ceiling had pushed up the government's interest costs by $80 million so far.
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