Arab Press

بالشعب و للشعب
Wednesday, Feb 05, 2025

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
Erdogan and Syria's Sharaa Talk About Collaboration to Counter Kurdish Militants
Trump Suggests U.S. Control of Gaza Strip Amid Ongoing Conflict
Trump Resumes 'Maximum Pressure' Strategy to Limit Iran's Oil Exports.
Ex-British Soldier Sentenced for Espionage on Behalf of Iran and Fleeing from Prison
Gazans in Egypt Reject Displacement, Struggle with Return to War-Torn Home
Queen Rania Urges Protection of Children’s Rights at Vatican Summit
Hamas Officials Ready to Begin Negotiations for Phase Two of Gaza Truce
Trump Expresses Caution Over Gaza Ceasefire as Netanyahu Visits Washington
Oman to Host 18th Indian Ocean Conference on Maritime Security and Trade
Emir of Kuwait Meets BlackRock CEO for Talks on Investment Opportunities
Queen Rania of Jordan Calls for Global Action on Children’s Rights at Vatican Summit
Egyptian President El-Sisi Invited for White House Meeting Following Jordanian King’s Visit
Queen Rania Calls for Protection of Children’s Rights at Vatican Summit
Israeli Military Operations Continue on Lebanon Border Amid Ceasefire Tensions
Israeli Hostage's Release Highlights Uncertainty Over Family's Fate
Israeli Military Operations Escalate in Southern Lebanon Amid Hezbollah Tensions
Zayed Award for Human Fraternity Announces 2025 Honorees
Kuwait Anticipates a 12% Increase in Budget Deficit for the 2025-2026 Fiscal Year
Ahmed al-Sharaa, Syria's Transitional President, declares the schedule for presidential elections.
Jailed Ex-Pakistani PM Imran Khan Draws Parallels to President Trump in Fight for Justice
Iran Develops Long-Range Nuclear Missiles with North Korea's Help, Claims Report
Global Semiconductor Industry Faces Persistent Challenges Amid Efforts to Boost Production
Saudi Arabia Unveils 'Dream of the Desert' Luxury Train, First of Its Kind in the Middle East
The 'Chinese Pearl Harbor' on U.S. Tech: DeepSeek's Launch Triggers Market Collapse
President Trump Proposes Relocating Gaza's Population to Egypt and Jordan
Key Takeaways from the 2025 World Economic Forum in Davos
In Spite of Significant Losses to Israel, Hamas Enlists 15,000 New Fighters
Leaked Documents Reveal Google's Collaboration with Israeli Defense Forces During Gaza Conflict
Five Billionaires on Track to Break One Trillion Dollar Wealth Barrier
Julia Sebutinde to Lead International Court of Justice: A Historic Transition
Spain Proposes 100% Tax on Properties Purchased by Non-EU Residents
Rising Casualties and Intense Diplomacy: The Conflict in Gaza Continues
Joseph Aoun Elected as Lebanon's New President: Ending a Prolonged Power Vacuum
Joseph Aoun Elected Lebanon’s 14th President Amid Political Stalemate
Trump Signals Shake-Up at the Pentagon Amid Transition Concerns
U.S. Supreme Court Denies Trump's Last-Minute Bid to Block Sentencing in New York
Escalating Conflict in Gaza: Casualties Surge as Diplomatic Efforts Continue
Escalation in West Bank: Israeli Boy Killed in Palestinian Gun Attack
U.S. Supreme Court Denies Trump's Appeal to Delay Sentencing in New York Hush Money Case
Lancet Study Reveals Underestimation of Gaza War Death Toll by 40 Percent
Global Acclaim Follows Election of Lebanon's New President Joseph Aoun
Saudi Leaders Extend Congratulations to Joseph Aoun, New President of Lebanon
UN Accuses Israel of Restricting Humanitarian Aid in Northern Gaza
US Pledges $500 Million Military Aid Package to Ukraine
Ethiopia Endures a Series of Earthquakes in Brief Timespan
Joseph Aoun: Lebanon's Fourteenth President Amid a Legacy of Challenges
President Biden Reports Meaningful Progress on Gaza Agreement
Lancet Study Reveals Higher Gaza Death Toll than Official Reports
Global and Arab Welcome for Joseph Aoun's Election as Lebanon's President
Biden Cites 'Real Progress' in Gaza Deal Talks Amid Intense Negotiation Efforts
×