No negotiations on debt restrict

No negotiations on debt restrict

No negotiations on debt restrict

WASHINGTON (AP) — The White Home mentioned Friday that President Joe Biden “appears to be like ahead” to sitting down with new Home Speaker Kevin McCarthy to debate a spread of subjects, together with maybe the thorniest problem confronting Washington this 12 months: elevating the nation’s debt restrict.

One hitch: That assertion got here with no precise invitation to the White Home, and no date nor time for a gathering.

Relatively, the White Home once more emphasised that Biden just isn’t prepared to entertain coverage concessions in trade for lifting the debt restrict, which is the nation’s borrowing authority. The U.S. bumped up towards that restrict Thursday, and the Treasury Division has deployed “extraordinary measures” to stave off default for not less than a number of extra months.

“Just like the president has mentioned many occasions, elevating the debt ceiling just isn’t a negotiation; it’s an obligation of this nation and its leaders to keep away from financial chaos,” White Home press secretary Karine Jean-Pierre mentioned within the assertion launched Friday night. “Congress has at all times executed it, and the president expects them to do their responsibility as soon as once more. That’s not negotiable.”

The highest two Democrats in Congress, Senate Majority Chief Chuck Schumer and Home Minority Chief Hakeem Jeffries, each of New York, will meet with Biden on Tuesday, the White Home mentioned.

McCarthy, R-Calif., and his new majority within the Home have mentioned they’ll push adjustments, corresponding to overhauls to entitlement applications, to ensure that Congress to lift the debt restrict. The promise revived the prospects of a serious fiscal standoff just like the one in summer time 2011, which prompted the primary downgrade on a portion of the federal authorities’s AAA bond score by Commonplace & Poor’s.

“President Biden: I settle for your invitation to take a seat down and talk about a accountable debt ceiling enhance to deal with irresponsible authorities spending,” McCarthy mentioned on Twitter earlier Friday, after Jean-Pierre mentioned at a press briefing that she had no assembly date between Biden and the brand new speaker to share.

On the Republican proposals, Jean-Pierre mentioned, “The President appears to be like ahead to studying extra about these plans.”

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