Key Points
Democrats and Republicans seemed within grasping distance Saturday of a deal to end the U.S. debt ceiling standoff, with both sides playing hardball in the final race for an agreement to avert a potentially catastrophic default...
But midnight came and went, as Democrats reportedly drew a red line at Republican demands for tougher work requirements in exchange for social aid that they say would kill party support for a deal...
Short of an accord allowing it to keep borrowing, the U.S. government says it will run out of money to pay its bills on June 5 raising the cataclysmic prospect of a default that would likely trigger a recession and send shockwaves through the global economy...
The White House has pushed back hard at such arguments, accusing Republicans of putting at risk "over eight million jobs unless they can take food out of the mouths of hungry Americans.". But the Republican leader of the House of Representatives, Speaker Kevin McCarthy, set the tone for Saturday's negotiations by reposting a clip of himself telling reporters:..
Economists have spent months raising the prospect of economic catastrophe should the government default, but both the White House and Republican leadership insist they are negotiating in good faith and are confident a deal will be reached in time...
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