News / USA

White House: Friday 'Important Moment' In Debt Talks

President Barack Obama sits with House Speaker John Boehner of Ohio, House Minority Leader Nancy Pelosi of California, House Majority Leader Eric Cantor of Virginia, as he meets with Republican and Democratic leaders regarding the debt ceiling in the Cabi
President Barack Obama sits with House Speaker John Boehner of Ohio, House Minority Leader Nancy Pelosi of California, House Majority Leader Eric Cantor of Virginia, as he meets with Republican and Democratic leaders regarding the debt ceiling in the Cabi

White House officials say they will assess Friday whether they can reach a deal with opposition Republicans on raising the U.S. government’s legal borrowing limit. President Barack Obama negotiated with top lawmakers from both parties Thursday, with a deadline fast approaching.

Less than three weeks before the deadline to avoid a government debt default, top Democrats and Republicans ended a fifth straight day of talks Thursday without an agreement.

No discussions are scheduled for Friday, and President Obama has scheduled a news conference at the White House.  

The president’s press secretary, Jay Carney, said top administration officials will discuss Friday whether a deal is possible, and what to do if it is not.

“The president views Friday as an important moment where we can make an assessment about whether we are moving toward a significant bipartisan agreement on deficit reduction or not,” Carney said.

Sources say Mr. Obama Thursday asked the eight top Democratic and Republican lawmakers to agree on the outlines of a deal within 36 hours.

The Treasury Department has said the U.S. will no longer be able to pay all of its bills on August 2 if the $14.3 trillion debt ceiling is not increased.  Treasury Secretary Timothy Geithner warned that the country is “running out of time” to raise the limit.

Presidential spokesman Jay Carney expressed optimism that a deal could be achieved, but he suggested that Republicans are more focused on political concerns.

"That agreement is right here, within reach.  It is on the table.  Just have to reach for it and grasp it and be willing to compromise to do it.  And you know what?  That requires thinking about the broad American public and not the narrow bands or the narrow constituencies within your own party," Carney said.

Democratic lawmakers have rejected Republican deficit-reduction plans that include cuts to social programs.  Republicans, including Senate Minority Leader Mitch McConnell, object to Democrats’ insistence on increasing tax revenue.

“Republicans will not be reduced to being the tax collectors for the Obama economy.  We will not be seduced into calling a bad deal a good deal.  If he and the Democratic Senate would rather borrow and spend us into oblivion, they can certainly do that.  But do not expect any more cover from Republicans.  None,” McConnell said.

The partisan rancor extended to the Senate floor Thursday.  The top Senate Democrat, Harry Reid, called the second-ranking House Republican, Representative Eric Cantor, “childish” and said he should be excluded from further talks.

“Even Speaker Boehner and Minority Leader McConnell seem to understand the seriousness of this situation.  They are willing to negotiate, which I appreciate and the country appreciates.  Meanwhile, House Majority Leader Eric Cantor has shown that he should not even be at the table,” Reid said.

Cantor Wednesday accused President Obama of storming out of a negotiating session.  Cantor himself had walked out of earlier talks with Vice President Joe Biden.

Meanwhile, the leader of one of America’s biggest financial firms implored officials to reach an agreement on the debt limit.  Chief Executive Jamie Dimon of JP Morgan Chase said it would be irresponsible for the U.S. to default on its debt because the result could be catastrophic.

And a Chinese credit rating agency, Dagong Global Credit Rating Company, has threatened to downgrade U.S. government debt if the borrowing limit is not raised.  China is the largest buyer of U.S. sovereign debt.

Several top U.S. credit agencies have issued similar warnings.

You May Like

Scotland Vote Raises Questions of International Law

Experts say self-determination, as defined and protected by international law, confined narrowly to independence movements in process of de-colonization More

Video Whaling Summit Votes to Uphold Ban on Japan Whale Hunt

Conservationists hail ruling as a victory, but Tokyo says it will submit revised plans for a whale hunt in 2015 More

Annual Military Exercise Takes on New Meaning for Ukraine Troops

Troops from 15 nations participating in annual event, 'Rapid Trident' in western Ukraine More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Russian Economy Reeling After New Western Sanctionsi
X
September 18, 2014 2:28 AM
A new wave of Western sanctions is hitting Russia’s economy hard. State-owned energy firms continue to bleed profits and Russia’s national currency plunged to a new low this week after the U.S. and the European Union announced new sanctions to punish Russia's aggressive stance in eastern Ukraine. But as Mil Arcega reports, the sanctions could also prove costly for European and American companies.
Video

Video Russian Economy Reeling After New Western Sanctions

A new wave of Western sanctions is hitting Russia’s economy hard. State-owned energy firms continue to bleed profits and Russia’s national currency plunged to a new low this week after the U.S. and the European Union announced new sanctions to punish Russia's aggressive stance in eastern Ukraine. But as Mil Arcega reports, the sanctions could also prove costly for European and American companies.
Video

Video Belgian Researchers Discover Way to Block Cancer Metastasis

Cancer remains one of the deadliest diseases, despite many new methods to combat it. Modern medicine has treatments to prevent the growth of primary tumor cells. But most cancer deaths are caused by metastasis, the stage when primary tumor cells change and move to other parts of the body. A team of Belgian scientists says it has found a way to prevent that process. Zlatica Hoke has more.
Video

Video Mogadishu's Flood of Foreign Workers Leaves Somalis Out of Work

Unemployment and conflict has forced many young Somalians out of the country in search of a better life. But a newfound stability in the once-lawless nation has created hope — and jobs — which, some say, are too often being filled by foreigners. Abdulaziz Billow reports from Mogadishu.
Video

Video A Dinosaur Fit for Land and Water

Residents and tourists in Washington D.C. can now examine a life-size replica of an unusual dinosaur that lived almost a hundred million years ago in northern Africa. Scientists say studying the behemoth named Spinosaurus helps them better understand how some prehistoric animals adapted to life on land and in water. The Spinosaurus replica is on display at the National Geographic museum. VOA’s George Putic has more.
Video

Video Iraqi Kurdistan Church Helps Christian Children Cope find shelter in churches in the Kurdish capital, Irbil

In the past six weeks, tens of thousands of Iraqi Christians have been forced to flee their homes by Islamic State militants and find shelter in churches in the Kurdish capital, Irbil. Despite U.S. airstrikes in the region, the prospect of people returning home is still very low and concerns are starting to grow over the impact this is having on the displaced youth. Sebastian Meyer reports from Irbil on how one church is coping.
Video

Video NASA Picks Boeing, SpaceX to Carry Astronauts Into Space

The U.S. space agency, NASA, has chosen Boeing and SpaceX companies to build the next generation of spacecraft that will carry U.S. astronauts to the International Space Station by the year 2017. The deal with private industry enables NASA to end its dependence on Russia to send space crews into low Earth orbit and back. Zlatica Hoke has more.
Video

Video Future of Ukrainian Former President's Estate Uncertain

More than six months after Ukraine's former President Viktor Yanukovych fled revolution to Russia, authorities have yet to gain control of his palatial estate. Protesters occupy the grounds and opened it to tourists but they are also refusing to turn it over to the state. VOA's Daniel Schearf reports from Mezhigirya, just north of Kyiv.
Video

Video China Muslims Work to Change Perceptions After Knife Attacks

China says its has sentenced three men to death and one woman to life in prison for a deadly knife attack in March that left more than 30 dead and 140 injured. Beijing says Muslim militants from China's restive western region of Xinjiang carried out the attacks. Now, more than six months after the incident, residents in the city are still coping with the aftermath. VOA's Bill Ide has more from Kunming.


Carnage and mayhem are part of daily life in northern Nigeria, the result of a terror campaign by the Islamist group Boko Haram. Fears are growing that Nigeria’s government may not know how to counter it, and may be making things worse. More

AppleAndroid