Negotiations between the White House and Republicans over raising the national debt ceiling have stalled again. While the two sides are unable to narrow their differences over the extent of the reduction in federal government spending, House Speaker Kevin McCarthy said on the 20th (local time), “When President Joe Biden returns from the G7 summit meeting in Japan , We will negotiate again.” President Biden will return to Korea on the 21st.
According to CNBC , Chairman McCarthy said스포츠토토, “Unfortunately, the White House has retreated,” and “I don’t think negotiations can move forward until President Biden returns to the United States.”
House Speaker Kevin McCarthy. / AFP = Yonhap News
In the United States, the national debt ceiling is set by law. Because of this, when the debt approaches the ceiling, Congress must amend the law to raise the ceiling. Otherwise, the US defaults. The current ceiling of the US national debt is $31.4 trillion. I already reached my limit in January. Treasury Secretary Janet Yellen has warned that “unless Congress raises the debt ceiling by June 1, the day will come when we will not be able to pay our bills.”
President Biden personally negotiated with the Republican Party, the majority party in the House, but could not come to a conclusion. Previously, President Biden met with Congressional leaders such as House Speaker McCarthy, Republican Senate Representative Mitch McConnell, Democratic House Representative Hakim Jeffries, and Senate Representative Chuck Schumer for about an hour on the 9th. As a result, working-level officials held consultations every day and met for the second time on the 16th, but this also did not produce results.
The Republican Party, which controls the House of Representatives, is in the position that the Biden administration and the Democratic Party can only agree to raise the debt ceiling only if they cut government spending significantly. The White House and the Republican Party conducted debt ceiling negotiations after President Biden left the country on the 17th to attend the G7 summit. However, on the 19th, the Republican working-level negotiating team announced a temporary suspension of negotiations, and met with the White House negotiating team again the same night, but in the end, Chairman McCarthy declared a suspension of negotiations.
Meanwhile, President Biden held the G7 on the 20thAt the summit press conference, he said he was “not concerned at all” about the debt ceiling negotiations and said, “I believe that the United States can avoid default and will do something good.”