Democratic President Joe Biden and a Republican negotiator said on Friday they were working on a deal to raise the US government’s $31.4 trillion debt ceiling after the Treasury Department warned that a June 5 default loomed without action.
The two sides have been negotiating for weeks an agreement to raise the federal government’s self-imposed borrowing limit, with Republicans also pushing for sharp spending cuts. Without a deal, the United States could face a calamitous default. “Things are looking good,” Biden told reporters. “I’m optimistic.”
Republican Representative Patrick McHenry said he concurred with Biden’s comments, while cautioning that negotiations had not yet concluded.
“I’m hopeful,” said McHenry, one of lead negotiators with the White House. “But we have to make sure we have a line on tax, we have a line on agreement – there’re significant challenges ahead.”
Published in The Express Tribune, May 28th, 2023.
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