(UnitedVoice.com) – Congressional Republicans and President Joe Biden are currently locked in a battle over the debt ceiling. That’s the amount of money the Treasury Department is authorized to spend in order to meet the monetary obligations lawmakers have already agreed to pay. After some back and forth, the POTUS has caved to pressure and plans to meet with lawmakers.
On May 1, the administration announced Biden called Speaker of the House Kevin McCarthy (R-CA) and invited him to a meeting. The meeting will take place at the White House on May 9. Senate Majority Leader Chuck Schumer (D-NY), Senate Minority Leader Mitch McConnell (R-KY), and House Minority Leader Hakeem Jeffries (D-NY) will also attend the event.
New: White House says @POTUS called @SpeakerMcCarthy "to invite him to a meeting at the White House on May 9 with Leader Jeffries, Leader Schumer, and Leader McConnell, who the President also called today." https://t.co/Ll0EP9HbMe
— Logan Ratick (@Logan_Ratick) May 1, 2023
The Hill reported McConnell confirmed that he will attend the meeting. However, he said the negotiation is going to be between Biden and McCarthy. The GOP leader told the press the House passed a bill, and the president now has to work out an agreement with the speaker.
McCarthy’s bill, the Limit, Save, Grow Act, has caused some controversy among people on both sides of the aisle. It would cut government spending across all areas of the budget. The Department of Veterans Affairs warned the cuts would hurt the agency and create problems for those who served the nation by worsening wait times and access to medical care. The speaker has repeatedly said the bill is just a starting point.
Biden refused to negotiate with Republicans until now. However, he is still calling on lawmakers to pass a clean bill to raise the debt limit so they can negotiate about spending without a default looming over the federal government.
While the debate is taking place between the White House and lawmakers, Treasury Secretary Janet Yellen warned her department “will be unable to continue to satisfy all of the government’s obligations by early June,” according to the Associated Press.
If the US defaults on its debt, it could cause the country to spiral into a recession and hurt other countries’ economies as well.
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