The MarcetThe Marcet
  • News
  • Business
  • Finance
  • Investing
  • Markets
  • Forex
  • Crypto
  • Forum
  • Videos
  • Rates
    • Stocks
    • Cryptocurrency
    • Forex
  • More
    • Companies
    • Inflation
    • Tech
What's Hot

Gold Price Forecast: Further volatility is looming for XAU/USD in the next few days – Commerzbank

June 9, 2023

How’s the Fed outlook shaping up to be right now?

June 9, 2023

Bud Light: What’s next? Former Anheuser-Busch exec weighs in

June 9, 2023
Facebook Twitter Instagram
Facebook Twitter YouTube Telegram
The MarcetThe Marcet
Subscribe
  • News
  • Business
  • Finance
  • Investing
  • Markets
  • Forex
  • Crypto
  • Forum
  • Videos
  • Rates
    • Stocks
    • Cryptocurrency
    • Forex
  • More
    • Companies
    • Inflation
    • Tech
The MarcetThe Marcet
Home » Republicans Report Progress in Debt Limit Talks as Negotiations Continue
Business

Republicans Report Progress in Debt Limit Talks as Negotiations Continue

Press RoomBy Press RoomMay 25, 2023No Comments4 Mins Read0 Views
Facebook Twitter Telegram Tumblr Reddit WhatsApp
Share
Facebook Twitter LinkedIn Pinterest Email

Republican congressional leaders said Thursday they were making progress toward a deal with President Biden to raise the debt ceiling while cutting spending, cautioning that an agreement that was still being hammered out would inevitably disappoint lawmakers in both parties.

Speaker Kevin McCarthy told reporters at the Capitol that bargainers had worked “well past midnight” and resumed negotiations later on Thursday morning, trying to find a resolution to avert a default on the nation’s debt before the projected June 1 deadline. He said that there were still “outstanding issues” and that he had directed his negotiators to work “24/7” until there was a deal.

“I don’t think everybody is going to be happy at the end of the day,” Mr. McCarthy said, nodding to mounting concerns among some hard-right Republicans that their party was making too many concessions in the talks. “That’s not how this system works.”

Democrats, too, were growing anxious that Mr. Biden would go too far in accepting Republican demands, including spending reductions and tougher work requirements on public benefit programs. They were huddling at noon in the Capitol to discuss the state of the negotiations.

Lawmakers were preparing to leave Washington later Thursday for the Memorial Day holiday, but talks were expected to continue into the weekend and members of Congress were on call to return and vote should a deal be reached.

Representative Patrick T. McHenry of North Carolina, one of Mr. McCarthy’s key negotiators, said there were still “thorny issues” yet to be resolved, chief among them spending caps, an issue he acknowledged was “tough stuff” for Democrats to accept.

“We have legislative work to do, policy work to do,” Mr. McHenry said. “The details of all that stuff really are consequential to us being able to get this thing through.”

“We don’t have a deal yet, and so until we have a deal, I don’t think we’ll know exactly what the coalition will look like to get it passed,” said Representative Dusty Johnson of South Dakota, a top McCarthy ally. “But listen, Kevin McCarthy understands how conservative his conference is. He is going to deliver a deal that is going to be embraced by the vast majority of his conference.”

As negotiators inched closer to a deal, hard-right Republicans were openly expressing concern that Mr. McCarthy would sign off on a compromise they would view as insufficiently conservative. Several right-wing Republicans have already vowed to oppose any compromise that retreats from cuts that were part of their debt limit bill, which would slash domestic spending by an average of 18 percent over a decade.

“Republicans should not cut a bad deal,” Representative Chip Roy of Texas, an influential conservative, wrote on Twitter, shortly after telling a local radio station that he was “going to have to go have some blunt conversations with my colleagues and the leadership team” because he did not like “the direction they are headed.”

Representative Ralph Norman of South Carolina said he was reserving judgment on how he would vote on a compromise until he saw the bill, but added, “What I’ve seen now is not good.”

Former President Donald J. Trump, who has said that Republicans should force a default if they do not get what they want in the negotiations, also was weighing in. Mr. McCarthy told reporters he had spoken briefly with Mr. Trump about the negotiations — “it came up just for a second,” the speaker said. “He was talking about, ‘Make sure you get a good agreement.’”

After playing a tee shot on his golf course outside of Washington, Mr. Trump approached a reporter for The New York Times, iPhone in hand, and showed a call with Mr. McCarthy.

“It’s going to be an interesting thing — it’s not going to be that easy,” said Mr. Trump, who described his call with the speaker as “a little, quick talk.”

“They’ve spent three years wasting money on nonsense,” he added, saying, “Republicans don’t want to see that, so I understand where they’re at.”

Luke Broadwater and Stephanie Lai contributed reporting from Washington, and Alan Blinder from Sterling, Va.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous ArticleDebt ceiling negotiations intensify as Fitch ratings warning on U.S. credit adds urgency
Next Article EU gas demand expected to fall by more than Russian imports in 2023

Related Posts

China, Its Economy Flagging, Prods Consumers to Save Less and Spend More

June 9, 2023

What All the Single Ladies (and Men) Say About the Economy

June 9, 2023

Energy Drinks Are Surging. So Are Their Caffeine Levels.

June 9, 2023

Binance Halts Trading in Dollars on Its U.S. Exchange

June 9, 2023

Tesla Will Open Its Charging Network to G.M.’s Electric Vehicles

June 8, 2023

Timeline: CNN’s 18 Months of Tumult

June 8, 2023
Add A Comment

Leave A Reply Cancel Reply

Top News

How’s the Fed outlook shaping up to be right now?

June 9, 2023

Bud Light: What’s next? Former Anheuser-Busch exec weighs in

June 9, 2023

Northern Ireland’s governance freeze shows signs of thawing

June 9, 2023

Subscribe to Updates

Get the latest finance, business and many more news directly to your inbox.

Advertisement
Demo

The Marcet is one of the best Finance, Business, and Crypto news websites, we provide the latest news from the most trusted sources. Follow us to get the latest news now.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Gold Price Forecast: Further volatility is looming for XAU/USD in the next few days – Commerzbank

June 9, 2023

How’s the Fed outlook shaping up to be right now?

June 9, 2023

Bud Light: What’s next? Former Anheuser-Busch exec weighs in

June 9, 2023
Get Informed

Subscribe to Updates

Get the latest finance, business and many more news directly to your inbox.

© 2023 The Marcet. All rights reserved.
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.