House Speaker Kevin McCarthy Holds News Conference | U.S. Debt Ceiling Crisis Live Updates | News18
Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy reconvened at the White House on Wednesday (May 24) to try to close a deal to raise the United States’ $31.4 trillion debt ceiling and avoid a catastrophic default.
Time is running short, as the Treasury Department has warned that the federal government could be unable to pay all its bills by as soon as June 1 – just eight days away – and it will take several days to pass legislation through the narrowly divided Congress.
Biden and McCarthy, the speaker of the House of Representatives, remain deeply divided on how to move forward.
After days of deadlock, the talks on debt ceiling are set to resume on Monday as President Joe Biden will meet Republican leader Kevin McCarthy.
The United States is currently locked in an unprecedented debt ceiling crisis as the Republican majority of House of Representatives and Biden administration have been unable to come to a common group by now.
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