STORY: U.S. President Joe Biden said his meeting with the top congressional leaders on Tuesday about the debt ceiling was “productive” despite failing to break the deadlock over raising it.
“We need to take the threat of default off the table. We agreed to continue our discussions.”
But he vowed to meet again with the group in the coming days, just three weeks before the country may be forced into an unprecedented default.
“I didn’t see any new movement.”
After about an hour of talks, Republican House Speaker Kevin McCarthy reiterated that his chamber would not approve a deal that didn’t include deep spending cuts, but confirmed he would meet with Biden again on Friday.
“I would hope that he’d be willing to negotiate for the next two weeks so we can actually solve this problem and not take America on the brink.”
Republican Senate Minority Leader Mitch McConnell said ending the standoff was, ultimately, up to just two people.
“The sooner the President and the Speaker can reach an agreement, the sooner we can solve the problem.”
Democratic Senate Majority Leader Chuck Schumer said the two sides remain far apart, with his party calling the Republican bill to raise the debt ceiling, which includes sweeping spending cuts, dead on arrival.
“The disagreements are wide. And anyone who says ‘my way or no way’ and we’re going to default, is not serving the country and I’m afraid
Representative Hakeem Jeffries appeared more hopeful, saying the promise of another meeting between the top lawmakers and the president was a good sign.
“President Biden urged us to get together either later on today or tomorrow, our respective teams, to have a discussion about a path forward around the budget, and the appropriations process, and everyone agreed. That’s progress.”
Economists warn that a default could send the American economy into a deep recession with soaring unemployment… while destabilizing a global financial system built on U.S. bonds.
“I’m not ruling anything out. I said I’d come back and talk. But there’s one thing I’m ruling out and it’s default.”
Biden said he would take a “hard look” at clawing back unspent COVID relief funds as part of any budget deal with Republicans.
He also said he was considering invoking the Fourteenth Amendment to end the standoff.
“I’ve been considering the 14th Amendment.”
White House officials have discussed whether Biden has the authority to lift the debt limit on his own by invoking the 14th amendment, but Biden said it could trigger a major legal challenge.
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