Rep. Kevin McCarthy visited the White House today to negotiate an increase in the national debt limit with President Biden.
Biden and McCarthy will have to find compromise come January, when the GOP takes control of the House of Representatives and the Bakersfield Republican is expected to secure the Speaker’s gavel., has used the debit-limit fight to sharpen his campaign rhetoric, painting Republican cuts as damaging to the American middle class.
Rohit Kumar, McConnell’s chief negotiator during the 2011 talks, said the minority leader made the calculus that intervening would not yield the same response in the House as a Biden-McCarthy deal. A short-term extension of the debt limit, which would punt the deadline to raise the borrowing cap to align with annual talks over government funding — which will run out on Sept. 30 — was initially floated, but both McCarthy and the White House dismissed the idea on Tuesday.
The bond market has already reacted to fears that the U.S. may default. Short-term bond prices have steadily declined since late April. “Unfortunately, because of the history of this issue, you can’t sort of know with confidence that no deal is going to be struck and no breakthrough is going to be reached in like the last couple of days,” he said.
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