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Friday, December 8, 2023
NewsThe White House and the Republicans called on each other to make concessions on the issue of raising the...

The White House and the Republicans called on each other to make concessions on the issue of raising the public debt ceiling

President Joe Biden and House Speaker Kevin McCarthy will not make any concrete proposals to raise the national debt ceiling and prevent a possible default, officials from both parties said Tuesday.
Wednesday’s meeting between Biden and McCarthy will likely be the first in a long series of working meetings to raise the borrowing limit, which is now set at $31.4 trillion.
Neither side has yet shown any signs of readiness for negotiations. If an agreement is not found, this could lead to a default on the public debt as early as June.
House Republicans have said any increase in the debt ceiling must be accompanied by deep cuts in government spending. The White House has said it will discuss future spending cuts only after the debt ceiling is raised.
Biden will ask McCarthy to release the Republican Party’s budget plan and pledge to support the country’s debt obligations, according to a White House memo seen by Reuters.
“Raising the debt ceiling is not negotiable. This is a commitment made by the country and its leaders to avoid economic chaos,” reads the document, written by White House economic adviser Brian Deese and director of the Office of Management and White House budget (OMB), Shalanda Young.
McCarthy said Biden must be prepared to make concessions in order to get Congress to raise the debt ceiling.
“The first thing they should do, especially the President of the United States, [это] to say he’s ready to sit down at the table, find common ground and negotiate together,” McCarthy said in an interview with reporters on Capitol Hill.
Unlike most other developed countries, the United States imposes severe limits on the size of its public debt, and Congress must periodically raise this credit limit because the government spends more than it receives.
Raising the debt ceiling is typically bipartisan in Congress, but Republicans have previously used the issue as leverage to push for spending cuts.
The White House has announced that it will release its draft budget on March 9. House Republicans will attempt to submit their budget in April, House Republican Secretary Steve Scalise said.
Democrats are trying to draw attention to proposals by some Republicans, including scrapping the Internal Revenue Service in favor of raising the sales tax and cutting state pensions.
McCarthy ruled out spending cuts on retirement benefits and the Medicare health insurance program for people over 65.

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