Arab Press

بالشعب و للشعب
Saturday, Dec 21, 2024

Breaking News: Progress Made in US Debt Ceiling Negotiations, Ratings Agencies on Edge

Breaking News: Progress Made in US Debt Ceiling Negotiations, Ratings Agencies on Edge

Republican negotiators and the White House are making progress in talks to raise the US debt ceiling and avoid a potential default.
House Speaker Kevin McCarthy and Democratic President Joe Biden held a productive meeting, with both sides predicting an agreement is possible despite ongoing discussions.

However, ratings agencies such as Fitch have expressed concern about the impasse, with the company placing the US's "AAA" ratings on negative watch.

Time is running short as the Treasury Department has warned that the federal government could be unable to pay all its bills by June 1, and Congress will need to pass legislation quickly.

Any deal reached between Biden and McCarthy will need to be passed by a divided Congress, and concerns about a default remain.

This has caused anxiety in the financial markets, with US stock indexes falling on Wednesday and the nation's borrowing costs increasing.

Congress is currently in negotiations over the 2024 fiscal budget, with disagreements over proposed cuts to discretionary spending and changes to benefits programs for low-income Americans.

The White House has offered to limit discretionary spending for the next two years, while Republicans have proposed spending caps for the next six years.

Democrats have pushed for a steady level of government spending, while Republicans want to cut discretionary spending by 8%.

These disagreements could lead to a "Wall Street meltdown" and push the U.S. economy towards recession, affecting regular Americans, particularly medical providers who rely on government payments.

Negotiations over the budget and the debt limit are ongoing, and it remains to be seen if a deal can be reached.
Comments

Oh ya 2 year ago
To put it in other terms no backbone could be found in the Republican party

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Saudi Football Star Fahad Al-Muwallad in Critical Condition After Balcony Fall
Gaza Ceasefire Hangs by a Thread as Mediators Navigate a Stalemate of Epic Proportions
Syria's Future: A Fight for Democracy or Another Cycle of Oppression?
Gaza on the Brink: Economic Collapse and the Humanitarian Abyss
Ankara Ascends: Turkey's Rising Influence in Syria's Post-Assad Landscape
International Tensions Escalate Amid Gaza Conflict and Syrian Crisis
Gaza Conflict at Day 439: Renewed Ceasefire Hopes Amidst Ongoing Strife
Global Challenges: Syrian Repatriation, Natural Disasters, and Political Turmoil
U.S. Indicts Syrian Officials for Torture Amidst Assad's Overthrow: A New Era of Accountability and Diplomatic Reevaluation
Global Geopolitical Shifts: U.S. Strategy in Syria, Regional Tensions, and Calls for Nuclear Disarmament
Major Geopolitical Developments: Turkiye Reopens Border for Syrian Refugee Returns Amidst Regional Tensions and Political Transformations
Hypersonic Tensions: Yemen's Missile Disrupts Israel Amid Regional Escalation
Escalating Middle East Tensions and U.S. Tragedy: A Global Snapshot
Germany Suspends Syrian Asylum Decisions Amid Post-Assad Uncertainty
Israeli Airstrikes on Gaza: A Blow to Civilians and Press Freedom
Global Instability: UAE Advocates for Syrian Unity Amidst Middle East Tensions, Military Setback in Turkey, and Escalating Violence in Haiti
Key Regional Shifts in the Middle East Following Assad's Ouster: Challenges and Opportunities
France Supports Syria's Transition After Assad's Ouster Amid Middle East Turmoil
Recent Global Power Shifts: Political Upheavals and Security Challenges Redefining Nations
Global Conflicts and Health Developments: From Gaza's Hospital Crisis to Morocco's Medical Advancements
Transformative Shifts in Global Politics: The Fall of Assad, Maritime Piracy Threats, and Political Change in Ghana
Turbulent Transition: Syria's Political Upheaval and Global Reactions
Escalating Middle Eastern Conflicts and Political Tensions: A Snapshot of Global Unrest and Efforts for Stabilization
Syria's Crossroads: Can Hayat Tahrir al-Sham Lead a Unified Country After Assad's Fall?
End of an Era: Assad's Departure Amid Rebel Advances Signals Major Shift in Syria's Civil War
Global Shifts: UK Trade Missions, Korean Political Turmoil, and Syrian Conflict Dynamics
Escalating Global Tensions: Hospital Destruction in Gaza, Lebanese Military Movements, Alaskan Volcano Alert, Syrian Conflict Developments, Golan Heights Security, and U.S. Aid to Ukraine
Morocco Secures $13 Billion Investment for Railway Expansion at Africa Investment Forum
Israeli Strikes Devastate Gaza Hospital; EU Lifts Pakistan Airlines Ban; Global Holiday Traditions and Middle East Tensions Highlighted
Global Tensions and Shifts: From Netanyahu's Critique and African Political Instability to Syrian Rebel Advances and Renewed Middle East Peace Efforts
Military Diversity Debate, Gaza Clashes, Notre Dame's Rebirth, South Korean Political Crisis, Trump's Diplomatic Visit, and Ghana's Pivotal Election
U.S. State Department Urges Immediate Evacuation from Syria Amid Escalating Conflict and Strategic Power Shifts
Global Hotspots: Humanitarian Crises, Geopolitical Tensions, and Key Developments in Gaza, Lebanon, Colombia, Ghana, the UK, and Syria
Global Unrest and Diplomacy: Travel Warnings, Security Strategies, and Legal Challenges Highlight Shifting International Landscape
Key Global Developments: Crisis Management, Climate Impact, Diplomatic Changes, and Cultural Recognition
China-Taiwan Tensions Escalate Amid US Engagements; Global Diplomatic Challenges Unfold
Global Political Shifts: Impeachment in South Korea, Taiwan's US Outreach, Syrian Humanitarian Crisis, and Notable Developments in the UK, India, and Southeast Asia
Escalating Global Crises: High-Profile Manhunt, Antisemitic Violence in Australia, Middle East Tensions, Iran's Space Ambitions, and Strategic Military Patrols in Asia-Pacific
Tragic Loss: Al Jazeera Journalist Killed Amid Escalating Gaza Violence
Exodus from Beirut: The Drastic Closure of Skies and Its Implications for Lebanon
Seismic Stability, Tech Innovation, and Diplomatic Strategies: Key Developments in California, US Policy, and Global Conflict
Global Dynamics: Middle Eastern Alliances, Western Political Challenges, and Shifts in European Geopolitics
Global Headlines: Search for NZ Climbers, Namibia's First Female President, French Political Shifts, US CEO Assassination, Jenin Tensions, and Syrian Exodus
Top Boy's Name in England and Wales Reveals Cultural Shift; International Rescue in Red Sea Highlights Maritime Cooperation; Middle East Tensions and Humanitarian Crises Escalate Amid Ceasefire Hopes
Global Tensions and Transformations: Military Criticism, Diplomatic Strains, Syrian Conflict Shifts, EU Aspirations, and Judicial Challenges
Global Crisis Overview: Renewed Conflict in Syria, Security Challenges in the Philippines, Political Turmoil in France, Allegations in Iraq, and Humanitarian Appeals for Sudan.
Global Diplomacy and Humanitarian Efforts Amid Rising Tensions: Key Developments and Challenges
Global Challenges in 2024: Aid Worker Attacks, Accusations of Genocide, Fragile Economies, and Political Turmoil
Global Tensions Intensify Amid Israeli Raid, U.S. Immigration Policies, Migrant Rescues, Defense Concerns, and Trump's Legal Battles
Global Tensions and Humanitarian Struggles: Key Developments in Lebanon, Afghanistan, Qatar-UK Relations, Israel-Gaza Conflict, French Politics, and Southern Africa Drought
×