Biden, McCarthy push forward towards deal on US debt ceiling – Reuters

WASHINGTON, May 17 (Reuters) – President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government’s $31.4 trillion debt ceiling and avoid an economically catastrophic default.

After a monthslong standoff, the Democratic president and the speaker of the House of Representatives on Tuesday agreed to negotiate directly on a deal. An agreement needs to be reached and passed by both chambers of Congress before the federal government runs out of money to pay its bills, as soon as June 1.

“We’re going to come together because there’s no alternative,” Biden told reporters at the White House, saying he would cut short his trip to Asia and retu…

Read the full article at: https://www.reuters.com/markets/us/biden-continue-debt-limit-talks-amid-g7-travel-white-house-spokeswoman-says-2023-05-17/