Biden is hoping for evidence tonight “before the clock strikes 12” that he has a deal with McCarthy
President Joe Biden said he was “optimistic” about a deal that could avert a US default as he left Washington and traveled to Camp David hoping to get a signal of progress within hours.
“I’m hoping to have clear evidence before noon tonight that we have a deal,” Biden told reporters as he left town at the start of Memorial Day weekend.
He spoke hours after Treasury Secretary Janet Yellen said the country is likely to meet the “X” standard June 5 deadline if Congress is unable to act.
Biden said negotiators were “very close” but said he was “optimistic.”
“I hope tonight we can know if we can strike a deal,” he said.
“I hope tonight we can know if we can reach an agreement,” President Joe Biden said Friday as he left town for Camp David while negotiating with Republicans over the budget he hoped to avoid a possible payment default by the USA within a few days
“Things are looking good on the debt limit,” Biden said, though the White House has long denied that negotiations are about raising the country’s statutory debt limit, which Biden believes Congress is doing “cleanly.” should.
The White House has drawn scrutiny from members of the Democratic House of Representatives, among others, over Biden’s decision to leave town amid high-risk negotiations that could result in the US defaulting on his debt.
He said he was flying to Camp David “because my granddaughter graduates on Sunday.”
Even with global finances at stake, Biden spoke of a different logic behind his decision. He said the Secret Service was “working on my house” and that there was “no place to go at home for five weeks”. He has previously spoken about having bulletproof windows installed in his home in Wilmington.
Biden otherwise did not comment publicly on the standoff Friday, although at one of his events where he hosted the Louisiana State University women’s basketball champions, Rep. Garret Graves (R-La.), one of McCarty’s top negotiators , was present . Biden negotiator OMB chief Shalanda Young was also present.
Susan Rice (right), who is stepping down as Biden’s domestic policy adviser, joined other staffers on the Truman balcony as Biden departed
Biden spoke at the start of Memorial Day weekend
Earlier, spokesman Kevin McCarthy said he believed “progress” had been made overnight on the debt talks, although the two sides are still at odds on the biggest part: the level of spending.
“I thought we made some progress last night. “We need to make more progress now,” McCarthy told reporters as they headed to the Capitol.
He said he was meeting with his chief negotiator, MP Garret Graves, for a morning bike ride.
“It’s about spending.” “Democrats never want to stop,” McCarthy said.
Graves and his colleague Patrick McHenry, the top negotiator, were seen entering the Speaker’s office again Friday morning.
The two sides still haven’t agreed on a maximum amount for increasing the country’s credit ceiling.
McHenry told reporters on the way to the speaker’s office that no face-to-face meetings between Republican Party House negotiators and White House negotiators Steve Ricchetti and Shalanda Young are scheduled for Friday.
Spokesman Kevin McCarthy said he believes “progress” was made overnight on debt talks, although the two sides are still at odds on the biggest part: the level of spending
President Biden travels to Camp David on Friday before spending the weekend at his home in Delaware. The White House insists he can negotiate by phone from anywhere.
“We’re here night after night. The pressure is greater, the consequences are greater. We recognize that. “The White House should recognize that,” said McHenry, North Carolina.
Bloomberg reports that the two sides are reaching an agreement that would raise the debt limit for two years and cap spending for the same period – and the agreement would take $10 billion from the $80 billion increase in the IRS Reclaim funding that Democrats passed last Congress.
But a source familiar with the talks told DailyMail.com the two sides had not agreed on a maximum amount and had not agreed on whether to extend the borrowing by a year or two.
The Republicans only want one year, the Democrats want to push through the extension until the next election.
Both sides are also busy with defense spending on Friday.
Reporters crowd around the speaker, desperate for any news about the upcoming deal that could prevent a catastrophic default
Republicans wanted a significant increase in the defense budget despite wanting spending cuts overall, while Democrats called for spending cuts
Republicans wanted a significant increase in the defense budget despite wanting spending cuts overall, while Democrats called for spending cuts.
The two sides could agree on a small increase — in line with President Biden’s $886.3 billion budget request.
In 2011, the country faced a similar crisis under former President Barack Obama, who also faced a Republican House of Representatives opposed to raising the ceiling.
Although the ceiling was raised, the threat of default was enough to roil US financial markets and the country’s credit rating was subsequently downgraded to AA+ from AAA.