The Biden administration is racing to strike a deal with Republicans as the nation careens toward a potentially catastrophic debt default if the government fails to increase the borrowing limit, now at $31 trillion, to keep paying the nation’s bills.
FILE - Senate Minority Leader Mitch McConnell of Ky., Speaker of the House Kevin McCarthy of Calif., and Senate Majority Leader Sen. Chuck Schumer of N.Y., listen as President Joe Biden speaks before a meeting to discuss the debt limit in the Oval Office of the White House, Tuesday, May 9, 2023, in Washington.
The official added that the president’s team is working hard towards a “reasonable bipartisan solution” that can pass both the House and the Senate. Negotiators met for a third day behind closed doors at the Capitol with hopes of settling on an agreement this weekend before possible House votes next week. They face a looming deadline as soon as June 1 when the Treasury Department has said it will run out of cash to pay the government’s incurred debt.
The internal political dynamics confronting the embattled McCarthy leaves the Democrats skeptical of giving away too much to the Republicans that drives away the Democratic support they will need to pass any compromise through the Congress. The S&P 500 went from a gain of 0.3% to a loss of 0.1% and the Dow Jones Industrial Average went from a gain of 117 points to a loss of about 90 points.
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