McCarthy urges Guyana to reach agreement this week on debt limit dispute: 20 dead in school dormitory fire

The Republican Speaker of the US House of Representatives, Kevin McCarthy, is this week pushing for a deal in the debt ceiling dispute. “I think we can come to an agreement tonight. We can come to an agreement tomorrow, but something has to happen this week to get it passed[in the House]and get it to the Senate,” the Republican negotiator said prior Monday. to a meeting with US President Joe Biden in Washington. Once an agreement is reached, it takes time to write it down and put it to the vote. “We haven’t agreed on anything so far, we’ve got very good talks,” he said of talks with Democrats.

Another summit meeting between US President Biden and McCarthy at the White House was scheduled for late Monday afternoon (local time). Time is of the essence: In early June, the US government is threatening catastrophic bankruptcy if Biden’s team fails to reach an agreement with Republicans in Congress on raising or suspending the debt ceiling by then.

In the US, parliament determines at irregular intervals how much money the state can borrow. It is not uncommon for Republicans and Democrats to agree on a new debt ceiling at the last minute. The Republicans currently want to urge Biden’s Democrats to cut spending, for example in the social sector. A default by the world’s largest economy could lead to a global financial crisis and economic downturn. (sda/dpa)