The political standoff is edging the country closer to a crisis, roiling financial markets and threatening the global economy.
, when the Treasury Department could run out of cash to pay its bills. "We’re not going to default," said McCarthy, R-Calif.
. Anxious retirees and social service groups are among those making default contingency plans. Negotiators are heading to the White House to resume talks at noon. By sparing defense and some veterans accounts from reductions, the Republicans would shift the bulk of spending reductions to other federal programs, an approach that breaks a tradition in Congress of budget cap parity.
The negotiators are now also debating the duration of a 1% cap on annual spending growth going forward, with Republicans dropping their demand for a 10-year cap to six years, but the White House offering only one year, for 2025.Typically, the debt ceiling has been lifted for the duration of a budget deal, and in this negotiation the White House is angling for a two-year agreement that would push past the presidential elections.
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