President Joe Biden said he was “optimistic” that a deal could avoid a US default as he left Washington for Camp David hoping for a signal of progress within hours.
“Hopefully we have clear evidence tonight before the clock strikes 12 that we have a deal,” Biden told reporters as he left town at the start of Memorial Day weekend.
He spoke hours after Treasury Secretary Janet Yellen said the nation would likely hit the ‘X’ default deadline on June 5 unless Congress was able to act.
Biden said negotiators were “very close” but said he was “optimistic.”
“Hopefully we can find out tonight if we can make a deal,” he said.
“Hopefully we can find out tonight if we can get a deal done,” President Joe Biden said on Friday as he left town for Camp David amid budget talks with the Republicans he hopes. avoid a possible US default in a few days
“As far as the debt ceiling is concerned, things are looking good,” Biden said, although the White House has long disputed that the negotiations were about raising the country’s statutory ceiling, which Biden believes the Congress should do so on a “clean” basis.
The White House has come under fire, including from Democratic House members, for Biden’s decision to leave town amid high-stakes talks that could prevent the United States from paying off its debts.
He said he was flying to Camp David “because my granddaughter graduated on Sunday.”
Even with high-stakes global finances on the line, Biden spoke of other logistics behind his decision. He said the Secret Service was “working on my house” and there was “nowhere to go in the house for five weeks.” He has previously talked about installing bulletproof windows in his Wilmington home.
Biden did not otherwise speak publicly about the standoff on Friday, though at one of his events, where he hosted women’s basketball champions Louisiana State University, Rep. Garret Graves (R-La .), one of McCarty’s top negotiators, was in attendance. . Biden’s negotiator, OMB chief Shalanda Young, was also present.
Susan Rice (right), who is stepping down as Biden’s domestic policy adviser, joined other staffers on the Truman Balcony as Biden departs
Biden spoke at the start of Memorial Day weekend
Earlier, Chairman Kevin McCarthy said he believed “progress” had been made in debt talks overnight, although both sides remained clung to the biggest part: spending levels.
“I thought we made some progress last night. We need to make more progress now,’ McCarthy told reporters on his way to the Capitol.
He said he met his top negotiating assistant, Rep. Garret Graves, for a morning bike ride.
“It’s about spending. Democrats never want to stop,” McCarthy said.
Graves and fellow negotiator Rep. Patrick McHenry were seen entering the president’s office again mid-morning on Friday.
The two sides have still not reached an agreement on a higher figure to increase the country’s borrowing limit.
McHenry told reporters while visiting the president’s office that no in-person meeting was scheduled between House GOP negotiators and White House negotiators Steve Ricchetti and Shalanda Young for Friday.
Chairman Kevin McCarthy said he believed “progress” had been made in the debt talks overnight, although both sides remained clung to the biggest part: spending levels
President Biden is visiting Camp David on Friday before planning to spend the weekend at his home in Delaware. The White House insists he can negotiate from anywhere over the phone.
“We are here night after night after night. The pressure is greater, the consequences are greater. We recognize it. The White House should recognize that,’ said McHenry, North Carolina.
Bloomberg reports that the two sides are closing in on a deal that would raise the debt ceiling for two years and limit spending for the same amount of time — and the deal would claw back $10 billion of the $80 billion increase in the debt. IRS funding that Democrats passed in the last Congress.
But a source familiar with the talks told DailyMail.com that the two sides have not agreed on a turnover and have not agreed on whether to extend the loan. one or two years.
Republicans only want a year, Democrats want to push the extension until the next election.
The two sides will also hang up on defense spending on Friday.
Journalists huddle around the speaker desperately for updates on the impending deal that could avert a catastrophic default
Republicans wanted a big increase in the defense budget, even though they wanted to cut overall spending, while Democrats wanted spending cuts.
Republicans wanted a big increase in the defense budget, even though they wanted to cut overall spending, while Democrats wanted spending cuts.
The two sides could agree on a small increase – in line with President Biden’s $886.3 billion budget request.
In 2011, the country was in a similar crisis under former President Barack Obama who also faced a Republican House opposed to raising the ceiling.
As the cap was raised, the threat of default was enough to send US financial markets into turmoil and the country’s rating was downgraded from AAA to AA+ as a result.
