Biden hopes 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 avoid US bankruptcy as he left Washington for Camp David in the hope of a signal of progress within hours.
βI hope tonight, before the clock strikes 12, we have clear evidence that we have a deal,β Biden told reporters as he left town at the start of Memorial Day Weekend.
He was speaking hours after Treasury Secretary Janet Yellen said the nation would likely meet the “X” standard deadline on June 5 unless Congress is able to act.
Biden said the negotiators were “very close,” but declared himself “optimistic.”
“I’m hopeful that we can find out tonight if we can make a deal,” he said.
“I’m hopeful that tonight we’ll know if we’ll be able to make a deal,” President Joe Biden said Friday as he left the city for Camp David amid budget talks with Republicans he hopes will see a possible U.S. prevent payment default within a few days
“On the debt limit, things are looking good,” Biden said, despite the White House long disputing that the negotiations were about raising the country’s legal limit, which Biden said would give Congress a “clean” look. base should do.
The White House has drawn criticism, including from members of the Democratic House, over Biden’s decision to leave town amid talks with high interests that could lead to the US defaulting on its debts.
He said he flew into Camp David “because my granddaughter is graduating on Sunday.”
Even with the high stakes of global finance at stake, Biden spoke of different logistics behind his decision. He said the Secret Service was “working on my house” and there was “no place to go home for five weeks.” He has previously spoken about installing bulletproof windows in his Wilmington home.
Biden did not speak publicly about the standoff Friday, though Rep. Garret Graves (R-La.), one of McCarty’s top negotiators, was present at one of his events, where he hosted the Louisiana State University women’s basketball champions. . Biden negotiator OMB head Shalanda Young was also in attendance.
Susan Rice (r), who is stepping down as Biden’s domestic policy adviser, joined other staff on the Truman balcony at Biden’s departure
Biden spoke at the start of Memorial Day weekend
Previously, Chairman Kevin McCarthy said he believed “progress” had been made in the overnight debt talks, although the two sides are still locked in on the biggest part: spending levels.
βI thought we made progress last night. We need to make more progress now,β McCarthy told reporters on his way to the Capitol.
He said he met his top negotiator, Deputy Garret Graves, for a bike ride in the morning.
βIt’s about expenses. The Democrats never want to stop,” McCarthy said.
Graves and fellow top negotiator Rep. Patrick McHenry were seen re-entering the speaker’s office mid-morning on Friday.
The two sides have still not agreed on a topline number for raising the country’s borrowing limit.
McHenry told reporters on his way to the speaker’s office that no face-to-face meetings were scheduled for Friday between House GOP negotiators and White House negotiators Steve Ricchetti and Shalanda Young.
Speaker Kevin McCarthy said he believed “progress” had been made in debt talks overnight, though the two sides are still stuck on the biggest part: spending levels
President Biden will head to Camp David on Friday before planning to spend the weekend at his home in Delaware. The White House insists he can negotiate over the phone from anywhere.
‘We’re here night after night after night. The pressure is greater, the consequences greater. We recognize that. The White House should recognize that,” said McHenry, NC.
Bloomberg reports that the two parties strike a deal that would increase the debt limit for two years and limit spending for the same amount of time β and the deal would recoup $10 billion of the $80 billion increase in IRS funding that Democrats last years have passed Congress.
But a source familiar with the talks told DailyMail.com that the two parties have not agreed on the grand prize and that they disagree on extending the loan for one or two years.
Republicans want just one year, Democrats want to push the extension through the next election.
The two sides will also discuss defense spending on Friday.
Reporters desperately scramble around the speaker for updates on the impending deal that could avoid a catastrophic default
Republicans wanted a big increase in the defense budget even though they want cuts in general, while the Democrats wanted cuts
Republicans wanted a big increase in the defense budget, even though they want cuts in general, while the Democrats wanted cuts.
The two sides could agree on a small increase β in line with President Biden’s $886.3 billion budget request.
In 2011, the country found itself in a similar crisis under former President Barack Obama, who also faced a Republican House against raising the ceiling.
While the ceiling was raised, the threat of a default was enough to shake US financial markets and downgrade the country’s rating from AAA to AA+.