Biden will meet with congressional leaders as the debt ceiling standoff approaches. The discussion is taking place amid a renewed urgency to increase the debt ceiling before a deadline that might occur as early as June 1.
Biden will meet with congressional leaders as the debt ceiling standoff approaches. The discussion is taking place amid a renewed urgency to increase the debt ceiling before a deadline that might occur as early as June 1.
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On St. Patrick's Day, March 17, 2023, in Washington, DC, President Joe Biden and Speaker of the House Kevin McCarthy (R-CA) speak as they leave the U.S. Capitol.
The first out homosexual Irish prime minister, Biden Leo Varadkar, joined members of Congress at McCarthy's house for the annual Friends of Ireland Luncheon on St. Patrick's Day.
The Friends of Ireland was founded by former House Speaker Michael Dukakis, Sen. Daniel Moynihan (D-NY), Sen. Ted Kennedy (D-MA), and others. The meeting, scheduled for 4 p.m, comes months after Biden and McCarthy first met and spoke about the debt limit.
It represents a symbolic first step toward ending the political impasse. The White House and House Republicans have dug deeper into their respective positions. Still, the disagreement over the matter and its connections to spending cutbacks has persisted.
Even so, last week's earlier-than-anticipated prediction of the government's ability to pay its obligations appeared to give the situation new life. The leaders would meet, the White House declared shortly after the Treasury Department's notification, which suggested that the drop-dead date would occur as early as June 1.
The revised estimate looked to add urgency to the debt ceiling issue elsewhere, sparking the investigation of alternative options to avoid a catastrophic default.
Even though House Republicans had already approved legislation to raise the debt ceiling in exchange for spending cuts, some of which were aimed at Biden's significant legislative accomplishments, Senate Majority Leader Chuck Schumer last Monday took the procedural step of putting the bill on the agenda alongside an apparent increase in the debt ceiling.
House Democrats had been secretly putting together a backup plan to push a Democratic proposal to extend the debt limit to the House floor. Hakeem Jeffries, the minority leader in the House, informed his colleagues about it simultaneously. Others suggested a creative fix to stabilize the situation.
Tuesday's meeting between President Joe Biden, House Speaker Kevin McCarthy, and other congressional leaders is scheduled. Still, despite the pressing need to resolve the debt ceiling problem, little is anticipated to come of the conversation.
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The planned meeting did not reduce finger-pointing about the issue, and neither side seemed willing to compromise. Meanwhile, a new poll finds that Americans need more trust in politicians to handle economic issues like the debt ceiling.
Gallup poll states that nearly half of Americans have little faith in Biden to do or advocate the right thing for the economy. In contrast, 41% have the same confidence in Democratic leaders in Congress. And 33% feel the same way about Republican congressional leaders.
According to the survey, trust in all leaders on economic topics is down from last year. The conference comes to the Bipartisan Policy CeThe discussion comes as a new Bipartisan Policy Center report predicts that the government may not have the money to pay its debts as early as next month, much sooner than previously expected.
The estimate is consistent with Treasury Department predictions, which threw Washington into a tailspin a few days ago. But, as the meeting on Tuesday approached, the route forward for each avenue appeared shaky, and each side appeared to be sticking to their positions.
Biden was initially set to fly to the district of a vulnerable Republican lawmaker later in the week to deliver a debt-ceiling address, aiming for the GOP legislation adopted last month.
McCarthy has made it plain that his side has already completed its task while screaming against the president's refusal to compromise. Indeed, the planned meeting did not dampen the finger-pointing.