DelhiDesk President Joe Biden and top Republicans and Democrats from Congress will attempt to resolve a three-month standoff over the $31.4tn US debt ceiling this week to avoid a crippling default before the end of May. Biden is calling on lawmakers to raise the federal government’s self-imposed borrowing limit without conditions, while Republican House of Representatives Speaker Kevin McCarthy has said his chamber will not approve any deal that does not cut spending to address a growing budget deficit. The Treasury Department has warned a historic default could come as soon as 1 June, which would likely send the US economy into a deep recession with soaring unemployment.

Follow DelhiBreakings on Google News

Here is the news bullets sorted by DelhiBreakings.com team.

๐Ÿ‘‰ President Joe Biden and top Republicans and Democrats from Congress are set to sit down this week to try to resolve a three-month standoff over the $31.4 trillion US debt ceiling and avoid a crippling default before the end of May.

๐Ÿ‘‰ Biden is calling on lawmakers to raise the federal government’s self-imposed borrowing limit without conditions, while Republican House of Representatives Speaker Kevin McCarthy has said his chamber will not approve any deal that does not cut spending to address a growing budget deficit.

๐Ÿ‘‰ Biden is due to meet on Tuesday at the White House with McCarthy for the first time since Feb. 1, with Senate Majority Leader Chuck Schumer and top Senate Republican Mitch McConnell. Top House Democrat Hakeem Jeffries will also join the talks.

๐Ÿ‘‰ Analysts do not expect an immediate deal to avert a historic default, which the Treasury Department has warned could come as soon as June 1. Forecasters warn a default would likely send the US economy into deep recession with soaring unemployment.

๐Ÿ‘‰ Legislative standoffs are nothing new in a nation with deep partisan divides, where Republicans hold a thin House of Representatives majority and Biden’s Democrats control the Senate by a scant two votes.

๐Ÿ‘‰ Biden has insisted for months that raising the debt ceiling, a move needed to cover the costs of spending and tax cuts already approved by Congress, should not be linked to budget talks.

๐Ÿ‘‰ Lawmakers face an uncertain deadline: The Treasury warned last week that it could be unable to pay all its bills as soon as June 1, but possibly go for weeks longer.

๐Ÿ‘‰ Worries about the standoff have already begun to weigh on financial markets, but a default would have a far more immediate effect on average Americans.

๐Ÿ‘‰ Adding to the challenge of striking a deal, McCarthy agreed to a change in House rules that allows for just one member to call for his ouster as speaker, which gives greater power to hardliners, including the roughly three dozen members of the House Freedom Caucus.

For superfast news and Delhi Breaking Stories visti us daily at https://delhibreakings.com