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Wednesday, November 29, 2023

Debt Ceiling Crisis: Biden, McCarthy Meet Yields No Decisive Results

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After the crucial meeting on Tuesday, President Joe Biden and Republicans have reportedly not reached any consensus regarding the debt ceiling crisis but have agreed to hold another meeting on Friday.

What Happened: Speaking outside the White House on Tuesday afternoon, House Speaker Kevin McCarthy said there had been “no new movement” after top political leaders gathered for just over an hour, according to a Financial Times report.

“Everybody reiterated the positions they were at,” McCarthy said.

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Some lawmakers had even suggested that a short-term suspension or increase of the borrowing limit until the end of September would be needed to allow more time for talks. However, both sides rejected that suggestion before Tuesday’s meeting.

“We shouldn’t kick the vote. Let’s just get this done now,” McCarthy had told reporters, according to the report.

Karine Jean-Pierre, the White House press secretary, said, “A short-term extension is not our plan, either. That is not our plan. This is a man-made crisis that the speaker is leading.”

Caution: Meanwhile, the Treasury Borrowing Advisory Committee, an industry group that advises the government on debt management, cautioned it was “deeply concerned about the lack of resolution”.

“This current stalemate runs the risk of undermining the foundation of the U.S. Treasury bond market: the full faith and credit of the US government,” the group wrote in the letter to Treasury Secretary Janet Yellen, according to the report.

Federal Reserve Bank of New York president John Williams, on Tuesday, urged Congress and the Biden administration to “take responsibility” in raising the debt ceiling, warning that failure to do so would push the U.S. economy into “uncharted territory”.

Read Next: What Is The Debt Ceiling — And What Happens If Congress Can’t Raise It In Time?


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