Sat 13 May 2023:

On Saturday, President Joe Biden stated that talks with Congress over expanding the federal government’s debt limit are moving forward and that more information will be available in the following two days, Reuters reported.

“I think they are moving along, hard to tell. We have not reached the crunch point yet,” Biden told reporters at Joint Base Andrews.

“We’ll know more in the next two days,” he said.

Biden is expected to meet with Republican House Speaker Kevin McCarthy and other congressional leaders early next week to resume negotiations.

The leaders had canceled a planned meeting on Friday to let staff continue discussions.

Aides for Biden and McCarthy have started to discuss ways to limit federal spending as talks on raising the government’s $31.4 trillion debt ceiling to avoid a catastrophic default creep forward.

The Treasury Department says it could run out of money by June 1 unless lawmakers lift the nation’s debt ceiling.

‘Millions of jobs’ at risk

On Wednesday, President Joe Biden warned the economy could enter a recession and shed millions of jobs unless Republicans agree to raise the country’s $31.4 trillion debt ceiling before a fast-approaching deadline.

In a campaign-style speech in a swing district in New York state on Wednesday, Biden accused Republicans of holding the economy hostage by demanding “devastating” spending cuts in exchange for raising the debt limit.

Last week, White House economists estimated that a protracted default could cost up to 8 million jobs and wipe half the value off of the US stock market.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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