Over 4.1 million gather at Grand Mosque on 29th night of Ramadan    Myanmar earthquake death toll climbs to 144    Zelenskyy says new US draft minerals deal 'significantly differs,' rules out treating aid as a loan    Sudanese army says it has cleared final RSF positions in Khartoum    Trump renews push to acquire Greenland    Interior minister visits Grand Mosque operations center    Saudi Arabia prepares over 19,000 mosques and open-air prayer grounds for Eid Al-Fitr prayers    Reef Saudi bazaar celebrates rural heritage with traditional crafts and strong public turnout    World's largest barbershop opens at Clock Towers Center in Makkah to serve pilgrims    Saudi non-oil exports jump 10.7% in January    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    OMODA&JAECOO Accelerate Global Expansion JAECOO J8 records strong first month orders in Saudi Arabia, J5 prepares for launch    LOT - The Value Shop makes its grand debut in Hafar Al-Batin    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    Bollywood actress vindicated over boyfriend's death after media hounding    Saudi Arabia hold Japan to goalless draw in Saitama to stay in World Cup hunt    Disney's Snow White film tops box office despite bad reviews    NewJeans announces hiatus after setback in court battle    George Foreman, heavyweight champion and cultural icon, dies at 76    Court rules against K-pop group NewJeans in record label dispute    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Biden and McCarthy seek to break debt ceiling impasse
Published in The Saudi Gazette on 21 - 05 - 2023

President Joe Biden and top Republican Kevin McCarthy have spoken on the phone, in a change of tone in stalled talks on lifting the US debt ceiling.
McCarthy said his call with Biden, who was returning from the G7 summit in Japan, had been "productive" and the two would meet on Monday.
The two sides remain at odds over budget cuts demanded by the Republicans as a condition for raising the ceiling. Failure to do so by June could result in the US defaulting on its debt.
That would mean the federal government could not borrow more money or pay all its bills. The Treasury Department has warned that a default could begin on June 1.
Such an outcome would cause chaos in financial markets and lead to further rises in interest rates.
As he left Japan on Sunday, Biden told reporters that proposals by Republicans — who control the House of Representatives — were "simply, quite frankly, unacceptable".
He added: "It's time for Republicans to accept that there is no bipartisan deal to be made solely, solely on their partisan terms. They have to move as well."
But Biden also said would be willing to cut spending to reach a deal and he would speak McCarthy on his way home.
The president cancelled foreign visits that were due to follow the three-day summit in Hiroshima, in order to deal with the impasse over the federal debt.
After the call, McCarthy told reporters the discussions had been positive. "I think we can solve some of these problems if he understands what we're looking at," he said.
A White House official said staff members from both sides would meet this evening "to discuss remaining issues".
Meanwhile, Treasury Secretary Janet Yellen said on Sunday that 1 June remained a "hard deadline". She told NBC that without a deal "we expect to be unable to pay all of our bills in early June".
Failure to lift the ceiling could see the US suspend its social insurance payments and the salaries of federal and military employees. Default also threatens to wreak havoc on the global economy, affecting prices and mortgage rates in other countries.
The impasses has rattled financial markets. On Friday the Dow ended down 0.3%, the S&P 500 dipped 0.1% and the Nasdaq slipped 0.2%.
In exchange for support for raising the debt ceiling, Republicans are demanding budget cuts to the tune of $4.5 trillion, which includes scuppering several of Biden's legislative priorities.
The White House has called the Republican proposal "a blueprint to devastate hard-working American families", although it has indicated that it may make some budgetary concessions.
Both President Biden and McCarthy are under pressure from the left and right flanks of their respective parties to hold the line.
With a one-seat Democratic majority in the Senate and Republicans in narrow control of the House, a deal has so far proven elusive. — BBC


Clic here to read the story from its source.