US National Debt Ceiling Crisis; Biden Says He is Close to Agreement with McCarthy

Joe Biden announced that he and Kevin McCarthy, the Republican Speaker of the House, have come closer to a potential two-year agreement ahead of the temporary congressional recess for Memorial Day in the United States. Biden stated on Thursday night Washington time that he and the Speaker had constructive negotiations, and our staff continues discussions about raising the debt ceiling to reach a joint decision. I am confident that this agreement will be reached, and we will be able to protect the efforts of Americans. Currently, the United States has over thirty trillion dollars in debt, and the US Treasury warns that if the debt ceiling is not raised by June 1, an economic bankruptcy will occur. This is the latest in a series of disagreements between the government and the opposition party in Congress regarding raising the debt ceiling over the past decade. Biden intends to keep spending at current levels for the next year and reduce debt through tax increases. In contrast, McCarthy and the Republicans oppose tax increases, arguing that the government should cut its spending to lower the debt ceiling. While Biden has expressed hope that both sides will reach an agreement, McCarthy's office has cautiously spoken about the likelihood of a deal. Senior officials from the White House and the Speaker's office have had intensive negotiations in recent days. Global national markets are watching the debt ceiling negotiations in the US. The US government requires approval from both the Senate and the House of Representatives for any financial decision. Currently, the House is controlled by a Republican majority, while the Senate is controlled by a Democratic majority. It seems that any potential agreement will be finalized after Congress members return from recess on Tuesday, by Thursday.