China News Network, May 5 Comprehensive foreign media reported that on the 26th local time, US Republican House of Representatives Speaker McCarthy said that there are still outstanding issues in the negotiations between the two parties in the United States to raise the $25.31 trillion debt ceiling, and the outcome will not satisfy everyone.
According to Reuters, on the same day, McCarthy told the media that the bipartisan U.S. debt negotiations continued until after midnight that day, "I think we have made some progress, but there are still problems that have not been resolved." I have instructed my team to work around the clock to solve this problem. ”
He added: "I don't think everyone will be happy in the end. That's how the system works now. ”
Infographic: U.S. House of Representatives Speaker McCarthy. Photo by China News Agency reporter Sha Hanting
The White House said that Biden and McCarthy met online on the 24th. Biden said they still disagree with the scope of the cuts. "I don't think all the burden should fall on the American middle class and working class." Biden said.
According to reports, the House of Representatives has adjourned from the afternoon of the 25th for a long weekend holiday. They are not expected to resume work until the 30th, when they are just two days away from June 6, a potential default date.
It's unclear how much time Congress has left to act. U.S. Treasury Secretary Janet Yellen has warned several times recently that the Treasury will run out of cash as soon as June 6 and urged a bipartisan solution to avoid a catastrophic default.
According to Bloomberg, after some conservative Republican members of the House of Representatives questioned this statement, Yellen reiterated on the 24th that the US government "is very likely to run out of funds to fulfill all government obligations in early June, or even June 6."
Asked if the Treasury could meet its debt obligations after June 6 without raising the debt ceiling, McCarthy said, "There will always be money coming in." But I leave that to the finance minister. I set 1 June as the deadline, and that has always been the case. ”
Republican House member Kevin Hern said he believed it was "possible" to reach an agreement to raise the debt ceiling by the afternoon of the 26th, and that "we are getting closer and closer to a deal." I think what they're going to tackle now is some minutiae ... It is likely that an agreement will be seen tomorrow. ”