Treasury Department saying that it could run out of cash as soon as June 1 and Republicans putting their own legislation on the table, the White House launched talks on a budget deal that could accompany an increase in the debt limit. Republicans have refused to roll back the Trump-era tax breaks on corporations and wealthy households as Biden's own budget has proposed.īiden, nonetheless, insisted that "revenue is not off the table."įor months, Biden had refused to engage in talks over the debt limit, contending that Republicans in Congress were trying to use the borrowing limit vote as leverage to extract administration concessions on other policy priorities.īut with the U.S. Among the proposals the GOP objects to are policies that would enable Medicare to pay less for prescription drugs and the closing of a dozen tax loopholes. Republicans had also rejected White House proposals to raise revenues in order to further lower deficits. "I think that we can reach an agreement," Biden said, though he added this about Republicans: "I can't guarantee that they wouldn't force a default by doing something outrageous." The White House has countered by keeping defense and nondefense spending flat next year, which would save $90 billion in the 2024 budget year and $1 trillion over 10 years. GOP lawmakers are also seeking cuts in IRS money and asking the White House to accept parts of their proposed immigration overhaul. That idea, when floated under President Donald Trump, was estimated to cause 700,000 people to lose their food benefits. The GOP also introduced new cuts to food aid by restricting states' ability to waive work requirements in places with high joblessness. Republicans want work requirements on the Medicaid health care program, though the Biden administration has countered that millions of people could lose coverage. GOP lawmakers are holding tight to demands for sharp spending cuts, rejecting the alternatives proposed by the White House for reducing deficits. "I'm hoping that Speaker McCarthy is just waiting to negotiate with me when I get home," he said. A compromise remained within reach, the president said, despite their differences. "My guess is he's going to want to deal directly with me in making sure we're all on the same page," Biden said about McCarthy before their expected conversation. "Now it's time for the other side to move from their extreme position," he said.īiden had been scheduled to travel from Hiroshima to Papua New Guinea and Australia, but cut short his trip in light of the strained negotiations with Capitol Hill. government can keep paying its bills, by agreeing to significant cuts in spending. ![]() The president said he had done his part in attempting to raise the borrowing limit so the U.S. "It's time for Republicans to accept that there is no bipartisan deal to be made solely, solely, on their partisan terms," Biden said at a news conference before his departure. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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