House Speaker Kevin McCarthy White House accused of backtracking talks Raising the US Debt limit and said he doesn’t expect any progress until President Joe Biden returns to Washington from a Group of Seven summit in Japan.  

“I don’t think we’re going to be able to move forward until the president can get back into the country,” McCarthy The Capitol was awash with reporters on Saturday. “Just from the last day to today they’ve moved backwards. They actually want to spend more money than we spend this year.”

McCarthy’s comments confirmed a renewed shift in tone to mutual recrimination after the White House suggested earlier Saturday that Republicans were negotiating in bad faith. Treasury Secretary Janet Yellen said earlier Saturday that US might not be able pay their bills on June 1 if they don’t change course. 

Biden indicated earlier in the day that he is confident about the US’s ability to avoid a default. 

Spending Cuts

Republicans and White House have a battle over the spending cuts that GOP legislators demand as Price for increasing federal borrowing limit. 

“We have to spend less than we spend this year,” McCarthy said, repeating his bottom-line demand.

Lawmakers have intensified their rivalry. as talks You can also find out more about us on our website. stalled — despite showing signs of progress earlier in the week.

“I think that Bernie Sanders and the socialist wing of their party has had real effect on the president, especially with him being out of the country,” McCarthy said.

Karine Jean Pierre, White House Press Secretary, said at a Saturday press conference from Hiroshima in Japan that there are still many survivors. “real differences between the two sides.”  And Deputy Press Secretary Andrew Bates said House Republicans were “taking the American economy hostage,” The GOP caucus is portrayed in a negative light as Belonging to the right-wing.

If a deal is to be a success, the cuts made must be substantial enough to satisfy Republicans on both sides of the aisle who have been supportive. McCarthy’s speakership on the condition that he extract serious spending reforms without raising taxes or slashing military spending and veterans benefits. 

A plan is also important has Democrats will need between 50-100 votes to pass the bill in the House. They hold a Senate majority. Few in the president’s party want to see domestic programs cut, especially without corresponding cuts to the Pentagon budget or the closing of tax loopholes used by the wealthy and large corporations.

Republicans may have waited for Biden because they believe that Obama will eventually sacrifice his progressive agenda to neutralize the greatest threat to the US economy in order to win re-election. The president has Already de facto, he has backed down from his promise not to discuss raising the debt limit.

Debt-limit The fight could lead to the first ever US payment default. This would be a blow for the world economy. It has shadowed Biden’s overseas trip and the president previously decided to cut his travels short in order to return to Washington for the final stages of negotiation.

The Republican Walk-Out talks The stock market plunged on Friday after negotiators in Washington dashed hopes of a possible agreement to increase the borrowing limit.

McCarthy The House had hoped that they could at least reach an agreement this weekend on the outline of a bill to be voted on next week.

The Senate has Senators left Washington on Memorial Day for a break, but were told that they could return to Washington with 24-hour notice.

Biden is scheduled to meet the Ukrainian president Volodymyr Zelenskiy on Sunday during G-7, according a White House press release. He’s scheduled to return to Washington late Sunday. 

–With assistance from Justin Sink and Kailey Leinz.