US: Debt negotiations drag on.

SGGP 28/05/2023 07:10

US Treasury Secretary Janet Yellen has revised her forecast for the deadline to raise the federal debt limit. The government could default on June 5-6, instead of the previously stated June 1.

US Treasury Secretary Janet Yellen. Source: VNA

In a letter to Congress, Yellen said the Treasury Department expects to disburse approximately $130 billion in the coming days, including payments to veterans, Social Security beneficiaries, and Medicare health insurance programs.

Meanwhile, negotiations between US President Joe Biden and the Republican majority in the House of Representatives on the debt ceiling are expected to continue into next week. According to Joe Biden, both sides are very close to reaching an agreement. The remaining disagreement is the Republican demand for cuts to spending on health insurance programs, food stamps, and other federal aid programs to reduce budget expenditures by $11 billion over 10 years.

The Democratic Party strongly opposes this request. According to AP, White House spokesman Andrew Bates called the Republican request "cruel and senseless."

Source: https://www.sggp.org.vn/my-dam-phan-no-cong-keo-dai-post691421.html