Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

Democrats and Republicans dispute over US debt ceiling.

Kevin McCarthy Photo Credit: Andrew Harnik Kevin McCarthy Photo Credit: Andrew Harnik
Kevin McCarthy Photo Credit: Andrew Harnik Kevin McCarthy Photo Credit: Andrew Harnik

Listen to the article now

On Friday, House Speaker Kevin McCarthy accused President Joe Biden of ignoring the problem, even though Republicans have failed to identify spending cutbacks they seek before lifting the debt ceiling.

The Republican speaker criticized the Democratic president for not negotiating since a first meeting early last month during a Capitol press conference.

“Unfortunately the president doesn’t believe it’s essential,” McCarthy said when questioned about debt ceiling negotiations.

The nation faces a historic default without raising the $31.4 trillion debt ceiling.

Biden and senior Democrats in Congress have asked McCarthy to reveal Republicans’ spending-cutting proposals, warning more discussions would be pointless.

“House Republicans have long labeled crafting a budget a core role of government, even saying that if members of Congress don’t approve a budget, they shouldn’t get a paycheck,” said deputy White House press secretary Andrew Bates in an email.

“President Biden has provided a comprehensive budget that cuts the deficit by $3 trillion over the next decade while continuing to invest in America, and House Republicans should do the same to actually understand how the numbers stack up.”

Senate Majority Leader Chuck Schumer told reporters Thursday that Democrats welcome budget negotiations anytime. First, however, McCarthy “must reveal his strategy. Why sit without a plan? “Thanks for the coffee”?”

The Republican-controlled House Budget Committee has not yet developed a fiscal 2024 budget blueprint to affect the battle over government spending starting in October and raising the debt limit.

Republicans want Democrats to approve major expenditure cuts before voting to expand the Treasury Department’s borrowing power.

The non-partisan Congressional Budget Office estimates the Treasury Department will exhaust “extraordinary measures” to maintain debt payments on schedule in July–September.

On Friday, the White House accused the hard-right House Freedom Caucus of proposing “devastating cutbacks” to the federal budget that would impair national security and burden working- and middle-class families.

They would cut Biden programs and return non-defense expenditures to pre-COVID-19 levels.


Comment Template

You May Also Like

Business

**Excerpt:** Bong Joon-ho’s *Mickey 17* is a sci-fi masterpiece that cements his status as one of the most visionary filmmakers of our time. Starring...

Business

**Excerpt:** Bong Joon-ho, the visionary director behind *Parasite*, returns with *Mickey 17*, a sci-fi thriller based on Edward Ashton’s novel *Mickey7*. Starring Robert Pattinson,...

Business

**Excerpt:** Bong Joon-ho’s visionary approach to filmmaking shines once again as stars Toni Collette and Naomi Ackie reveal insights into his creative process for...

Business

**Excerpt from *I, Rodion* by Alexandra Pugachevsky** The air on the colony ship *Elysium* was stale, recycled too many times to count. Rodion adjusted...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok