Biden says debt ceiling talks have ‘not reached the crunch point yet’, is optimistic he can reach a deal with Republicans
President Joe Biden and congressional leaders will likely resume talks on Tuesday at the White House over the debt limit, the president said Sunday, as the nation continues to edge closer to its legal borrowing authority with no agreement in sight.
“We’ve not reached the crunch point yet,” Biden told reporters Saturday before flying to his beach home for the weekend. “There’s real discussion about some changes we all could make. We’re not there yet.”“Our expectation is that Congress will act to avert default in a timely manner,” Brainard said.Biden and the leaders – House Speaker Kevin McCarthy, R-Calif.
An increase in the debt limit would not authorize new federal spending. It would only allow for borrowing to pay for what Congress has already approved.The non-partisan Congressional Budget Office gave a similar warning Friday, saying there was a “significant risk” of default some time in the first two weeks of next month.
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