The White House and Republicans in Congress are moving closer to an agreement to raise the national debt ceiling.

Negotiators White House and Republican leaders Congress They are “close” to reaching an agreement that will raise the debt ceiling to $31.4 trillion within two years as the deadline for the country to avoid default approaches.

A Republican close to the talks said Thursday night that the parties, which include Joe Biden administration officials and Republican lawmakers, may announce an agreement to raise the debt ceiling as early as Fridayaccording to various media reports.

A possible deal would raise the debt ceiling by two years and impose limits on discretionary government spendingexcept for military or veterans cases, according to The New York Times.

As he left the Capitol Thursday night, the top Republican leader in Congress, Kevin McCarthysaid that an agreement had not yet been reached and that negotiations with the White House were “not easy”.

For its part, the White House repeated its message that suspension of payments “not discussed”, This was stated by press secretary Karine Jean-Pierre at a press conference.

The White House press secretary also stressed that the “only option” to raise the national debt ceiling is for Congress to reach an agreement, refusing to answer a press question about whether the White House has a plan B.

Unlike most countries, The United States can only borrow up to a limit set by Congress.a debt ceiling or limit that requires legislative agreement each time a country needs to raise it to pay off its debts.

The current $3.4 trillion debt ceiling was hit in January, and the country could be in default as early as June 1 if Democrats and Republicans don’t reach an agreement to raise it sooner.

Republicans in the lower house, led by McCarthy, want spending cut agreements and have criticized Democrat Joe Biden’s government for not previously seeking a debt ceiling agreement.

Negotiations go awry as June 1 is the deadline by which the U.S. will run out of reserves, according to the Treasury.

– Janet Yellen warns US will have to make ‘tough decisions’ if it doesn’t raise its debt ceiling
– According to a new report, the Treasury could run out of cash in the first week of June.
McCarthy will seek through his team to “finish negotiations” on the debt ceiling.

Author: Maria Ortiz
Source: La Opinion

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