05/22/2023

Biden, McCarthy to Meet on Debt Ceiling

Meanwhile, Wall Street is starting to worry

President Biden is set to meet Monday with House Speaker Kevin McCarthy to resume negotiations over raising the nation’s debt ceiling, as Washington races to resolve a crisis that is beginning to sow increasing anxiety on Wall Street.

After a weekend of turbulent, on-again-off-again talks, Democrats and Republicans return to the bargaining table with the clock ticking: They have as few as 10 days to broker a deal to raise or suspend the debt ceiling before the treasury runs out of cash and other options to pay the government’s bills.

Unless Congress permits Treasury to add to the nation’s roughly $31.5 trillion debt, the U.S. government could default on its obligations for the first time in history, potentially tipping the nation into recession and plunging global financial markets into chaos.

Please select this link to read the complete article from The Washington Post.