White House, Republicans seek to close US debt-ceiling deal as deadline nears
(VOVWORLD) - The White House and Republican congressional negotiators on Thursday were closing in on a deal that would raise the government's 31.4-trillion-USD debt ceiling, according to House of Representatives Speaker Kevin McCarthy.
House Speaker Kevin McCarthy during negotiations on the public debt ceiling with President Joe Biden in Washington DC., May 22, 2023. (Photo: AFP/VNA)
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President Joe Biden and McCarthy are at odds over spending, taxes, and work requirements for anti-poverty programs. But both sides say they believe they can find common ground after hours-long discussions by their negotiating teams.
McCarthy said there are still some outstanding issues, and he has directed his team to work 24/7 to try to close the differences.
Congressman Kevin Hern said a deal could be reached by Friday afternoon that would avoid a default that would upset global financial markets and push the US into a recession.