Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ News / World/  US debt-limit negotiators hold off on renewed meetings Saturday
BackBack

US debt-limit negotiators hold off on renewed meetings Saturday

The federal government’s coffers have been dwindling to the lowest level in almost a year-and-a-half, showing how the window for resolving the partisan standoff over the $31.4 trillion debt cap is narrowing

Republicans have paused crunch US debt default talks less than two weeks before a potentially catastrophic default, House Speaker Kevin McCarthy said Friday (AFP)Premium
Republicans have paused crunch US debt default talks less than two weeks before a potentially catastrophic default, House Speaker Kevin McCarthy said Friday (AFP)

US debt-limit negotiators aren’t planning to meet on Saturday, according to people with knowledge of the matter, as President Joe Biden signals he remains confident the government can avoid a catastrophic default.

Republican lawmakers designated by House Speaker Kevin McCarthy and senior White House officials last met on Friday evening. The session followed a Republican walkout earlier in the day that tempered optimism about an emerging deal and drove down stocks.

Biden, who’s meeting with other world leaders at a Group of Seven summit in Japan as the debt-ceiling deadline inches closer, downplayed renewed concern that the endgame in Washington may fail.

“Not at all," he said Saturday in Hiroshima when asked if he was concerned about the state of the talks. Negotiations go “in stages," Biden said, adding he still believes “we’ll be able to avoid a default and we’ll get something decent done." 

The federal government’s coffers have been dwindling to the lowest level in almost a year-and-a-half, showing how the window for resolving the partisan standoff over the $31.4 trillion debt cap is narrowing. The Treasury Department said Friday it had run through all but about $92 billion of its authorized extraordinary measures as of May 17. 

Republicans and the White House are battling over spending cuts, which GOP lawmakers demand as the price for raising the federal borrowing limit. White House communications director Ben LaBolt called on Republicans to consider raising revenues instead.

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 20 May 2023, 10:06 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App