Biden hopes for evidence tonight ‘before the clock strikes 12’ that he has a deal with McCarthy

Author: Yuvi May 27, 2023

President Joe Biden said he was “optimistic” about a deal that could avert a US default as he left Washington for Camp David hoping for a signal of progress within hours.

‘I hope we’ll have some clear evidence tonight before the clock strikes 12 that we have a deal,’ Biden told reporters as he left town at the start of the Memorial Day weekend.

He spoke hours after Treasury Secretary Janet Yellen said the nation would likely hit the ‘X’ default deadline of June 5 unless Congress is able to act.

Biden said negotiators were “very close” but declared himself “optimistic.”

‘I’m hopeful that we’ll be able to know tonight whether we’re going to be able to have a deal,’ he said.

‘I’m hopeful that we’ll be able to know tonight whether we are going to be able to have a deal,’ President Joe Biden said Friday as he left town for Camp David amid talks on the budget with Republicans that he hopes will avoid a potential US default within days

‘With regard to the debt limit, things are looking good,’ Biden said, despite the White House long disputing that negotiations were about raising the nation’s statutory limit, which Biden thinks Congress ought to do on a ‘clean’ basis.

The White House has been taking heat, including from Democratic House members, for Biden’s decision to leave town amid the high-stakes talks that could have the US failing to make good on its debts.

He said he was flying to Camp David ‘because my granddaughter graduates on Sunday.’

Even with the high stakes global finances on the line, Biden spoke about some other logistics behind his decision. He said the Secret Service ‘is working at my house’ and there’s ‘no place to go at home for five weeks.’ He has previously spoken about bullet proof windows being installed at his Wilmington home.

Biden didn’t otherwise speak on the standoff publicly Friday, although at one of his events, where he hosted the Louisiana State University women’s basketball champs, Rep. Garret Graves (R-La.), one of McCarty’s top negotiators, was in attendance. Biden negotiator OMB chief Shalanda Young was also there.

Susan Rice (r), who is stepping down as Biden's domestic policy advisor, joined other staff on the Truman Balcony as Biden departed

Susan Rice (r), who is stepping down as Biden’s domestic policy advisor, joined other staff on the Truman Balcony as Biden departed

Biden spoke at the start of the Memorial Day weekend

Biden spoke at the start of the Memorial Day weekend

Earlier, Speaker Kevin McCarthy said he believed ‘progress’ was made in debt talks overnight, though the two sides still remain hung up on the biggest part: spending levels.

‘I thought we made progress last night. We’ve got to make more progress now,’ McCarthy told reporters on his way into the Capitol.

He said he’d met with his top negotiating deputy, Rep. Garrett Graves, for a morning bike ride.

‘It’s about spending. The Democrats never want to stop,’ McCarthy said.

Graves and fellow top negotiator Rep. Patrick McHenry were seen entering the speaker’s office again mid-morning on Friday.

The two sides still have not come to an agreement on a top line number for increasing the nation’s borrowing limit.

McHenry told reporters on his way into the speaker’s office that there were no in-person meetings scheduled between House GOP negotiators and White House negotiators Steve Ricchetti and Shalanda Young for Friday.

Speaker Kevin McCarthy said he believed 'progress' was made in debt talks overnight, though the two sides still remain hung up on the biggest part: spending levels.

Speaker Kevin McCarthy said he believed ‘progress’ was made in debt talks overnight, though the two sides still remain hung up on the biggest part: spending levels.

President Biden is headed to Camp David Friday before he plans to spend the weekend at his home in Delaware. The White House insists he can negotiate from anywhere via phone.

‘We are here night after night after night. The more the pressure, the greater the consequences. We recognize that. The White House should recognize that,’ McHenry, NC, said.

Bloomberg reports the two sides are closing in on a deal that would increase the debt limit for two years and would cap spending for the same amount of time – and the deal would claw back $10billion from the $80billion increase in IRS funding Democrats passed last Congress.

But a source familiar with the talks told DailyMail.com the two sides have not agreed to a top line and have not agreed on whether to extend borrowing for one or two years.

Republicans want only one year, Democrats want to push the extension through the next election.

The two sides are also going into Friday hung up on defense spending.

Reporters huddled around the speaker desperate for updates on the impending deal that could stave off a catastrophic default.

Reporters huddled around the speaker desperate for updates on the impending deal that could stave off a catastrophic default.

Republicans wanted a large increase to the defense budget, even as they wanted to cut spending overall, while Democrats wanted spending cuts.

Republicans wanted a large increase to the defense budget, even as they wanted to cut spending overall, while Democrats wanted spending cuts.

Republicans wanted a large increase to the defense budget, even as they wanted to cut spending overall, while Democrats wanted spending cuts.

The two sides could come to agreement with a small increase – in line with President Biden’s $886.3 billion budget request.

In 2011, the country was in a similar crisis under former President Barack Obama who also faced a Republican House opposed to raising the ceiling.

While the ceiling was raised, the threat of default was enough to plunge the US financial markets into turmoil and the country’s rating downgraded from AAA to AA+ as a result.

Author: Yuvi

My name is Yuvi, I work as Sub Editor at newscinema.in

27 May, 2023, 5:35 am

News Cinema on twitter News Cinema on facebook share newscinema latest news on whatsapp

Saturday, 27th May 2023

Latest Web Stories

More Stories