President Biden and House Minority Leader Kevin McCarthy are reportedly in talks to reach a deal that would raise the US debt ceiling for two years.
The deal would avert a potential default on US debt, which could have serious economic consequences.
The talks are still ongoing, but there is hope that a deal can be reached soon. If a deal is reached, it would be a major victory for both Biden and McCarthy.
A deal would also give the government some breathing room to address other pressing issues, such as inflation and the war in Ukraine.
However, it is important to note that a deal is not yet guaranteed. If no deal is reached, the US could default on its debt, which would have a devastating impact on the economy.
McCarthy has said that he is willing to support a two-year debt ceiling increase, but he is also seeking concessions from Democrats on other issues, such as immigration reform.
Democrats have said that they are willing to negotiate on other issues, but they are not willing to give up on their priorities, such as climate change and gun control.
The talks are expected to be difficult, but there is hope that a deal can be reached that will avoid a default on US debt.– The talks are being led by Treasury Secretary Janet Yellen and White House Chief of Staff Ron Klain.