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President Joe Biden said a deal to raise the government's debt ceiling seemed "very close" late Friday, even as the deadline for a potentially catastrophic default was pushed back to June 5. The later date, laid out in a letter from Treasury Secretary Janet Yellen, set the risk of a devastating default four days later…
Representative Patrick McHenry said Saturday that there are still “thorny issues” in the negotiations between House Republicans and the White House to avert a catastrophic US default.
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WASHINGTON, May 26 (Reuters) - Democratic President Joe Biden and Republican negotiators said on Friday they were working on a deal to raise the U.S.
US President Joe Biden and a Republican negotiator said on Friday they were working on a deal to raise the US government's $31.4 trillion debt ceiling after the Treasury Department warned that a June 5 default loomed without action. The two sides have been negotiating for weeks on an agreement to raise the federal government's self-imposed borrowing limit, with Republicans also pushing for sharp spending cuts. Without a deal, the United States could face a calamitous default. "Things are looking good," Biden told reporters. "I'm optimistic."
While a small team of Republican negotiators remained to try to hammer out a deal with President Biden, House GOP leaders sent lawmakers home until June 5.