The leader of the majority of the Republican Party in the US House of Representatives, Kevin McCarthy, acknowledged this Friday that there has been progress in the negotiations to increase the country’s debt ceiling and avoid a default.
“I think there was progress last night. We have to go further”McCarthy said, referring to the efforts of GOP and Democratic negotiators trying to reach a budget deal.
If there is no increase in the US debt ceiling, the federal government technically goes into defaultrunning out of money to pay their bills, which analysts warn could have dramatic consequences for the national and global economy.
“The only way forward is with a bipartisan agreement”said the US president, Joe Biden, leaving aside the possibility of trying a unilateral solution from the White House and eluding the authorization of Congress.
This Friday, the congressmen temporarily suspended negotiation work for the weekend, and they should only return to the negotiating table on Tuesday (Monday is a national holiday in the US), two days before the deadline to prevent than the country defaultThursday.
Biden will also be absent from the White House this weekend, leaving Friday for the presidential retreat at Camp David, Maryland, and Sunday for his home in Wilmington, Delaware.
For now, and after several weeks of negotiations between the Republicans and the White House, there has been no agreement, with the Democrats refusing to give in to demands for drastic cuts in federal government spending.
Source: Observadora
