President Joe Biden and the Republican speaker hope to strike a budget compromise this weekend.
Any deal would need to be a political compromise, with support from both Democrats and Republicans to pass the divided Congress.
House Republicans have pushed the issue to the brink, displaying risky political bravado in leaving town for the Memorial Day holiday. The U.S. could face an unprecedented default as soon as June 1, hurling the global economy into chaos."The only way to move forward is with a bipartisan agreement," Biden said Thursday. "And I believe we'll come to an agreement that allows us to move forward and protects the hardworking Americans of this country.
Meanwhile, Fitch Ratings agency placed the United States' AAA credit on "ratings watch negative," warning of a possible downgrade. On work requirements for the aid recipients, the White House is particularly resisting measures that would drive Americans into poverty or take their health care, said the person familiar with the talks, who was granted anonymity to describe behind-closed-door discussions.
Failure to raise the nation's debt ceiling, now at $31 trillion, to pay America's already incurred bills would risk a potentially chaotic federal default. Anxious retirees and social service groups are among those already making default contingency plans. The teams are also eyeing a proposal to boost energy transmission line development from Sen. John Hickenlooper, D-Colo., that would facilitate the buildout of an interregional power grid, according to a person familiar with that draft. Those two people were also granted anonymity to discuss the private negotiations.
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