President Joe Biden and top Republicans and Democrats from Congress are set to sit down this week to try to resolve a three-month standoff over the $31.4 trillion U.S. debt ceiling and avoid a crippling default before the end of May.
U.S. President Joe Biden talks with House Speaker Kevin McCarthy as they depart following the annual Friends of Ireland luncheon at the U.S. Capitol in Washington, March 17, 2023. REUTERS/Evelyn HocksteinWASHINGTON, May 8 - President Joe Biden and top Republicans and Democrats from Congress are set to sit down this week to try to resolve a three-month standoff over the $31.4 trillion U.S.
But the start of active talks could soothe the nerves of investors who last week forced the federal government to pay its highest interest ever for a one-month debt issue. Outside observers including people who have participated in past fiscal negotiations and business lobby groups have laid out a range of potential compromises largely revolving around extending the debt ceiling past the November 2024 presidential elections while freezing spending.
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