Republican Party to Hold Conference Call with Members on the 27th
With the US national debt default deadline (June 5) just 9 days away, foreign media reported on the 27th (local time) that the White House and the Republican Party have reached a tentative agreement on the federal government debt ceiling negotiations.
President Joe Biden and Republican House Speaker Kevin McCarthy held a phone call for about an hour and a half starting at 6 p.m. that day, and sources told local media that they reached a principled agreement on the debt ceiling issue.
Kevin McCarthy, Speaker of the U.S. House of Representatives, is seen giving an interview after concluding the debt ceiling negotiations at the U.S. Capitol in Washington, D.C. on the 16th (local time). [Image source=Yonhap News]
The internet media outlet Punchbowl News also reported that the White House and the Republican Party reached a principled agreement on the debt ceiling issue. However, another source said, "There is one or two more things to finalize."
The Republican Party plans to hold a phone meeting with its members at 9:30 p.m. that day. Accordingly, attention is focused on whether the White House and the Republican Party will ultimately finalize the debt ceiling negotiations.
The US government issues debt each year to cover expenditures exceeding tax revenues. The limit on this debt is determined by Congress. The Republican Party, which secured the majority in the House of Representatives in last year's midterm elections, has been clashing with the White House and the Democratic Party by processing budget bills that cut federal government spending in areas such as Social Security in exchange for raising the debt ceiling in the House.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
