Biden and McCarthy clash over debt talks and economy.
TL;DR Summary
US House Speaker Kevin McCarthy has warned President Joe Biden that the lack of negotiations on the $31.4tn US debt ceiling is putting the economy at risk. Republicans want to use the debt ceiling to exact spending cuts from the White House, while Biden wants the debt ceiling raised without strings attached. The political standoff has raised concerns about a possible first-ever default sometime this summer, when the Treasury is expected to exhaust its ability to keep government borrowing below the congressionally enacted ceiling.
Topics:nation#budget-negotiation#politics#president-joe-biden#spending-cuts#us-debt-ceiling#us-house-speaker-kevin-mccarthy
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