House Speaker Kevin McCarthy said he was 'very concerned' about the standoff over the U.S. debt ceiling and said President Biden refused to communicate on the matter.
Former Obama economic adviser Robert Wolf and GRV Strategies president Garrett Ventry provides insight on the government budget on 'The Story.'that the debt limit standoff between Republicans and the White House is something that should worry them.
"Because I sat down with the president on February 1, and the president never wants to meet," the Republican leader fumed."That’s interesting… I’m very concerned about the debt ceiling. I want to make sure we don’t have conflict." If no action is taken by the summer, the government would not have access to the money it needs to fund current obligations, and default on its debt for the first time in history.by Goldman Sachs projects that while a deal on the debt limit will eventually be found, the uncertainty will have a negative impact on financial markets in the coming months.
Treasury Secretary Janet Yellen has warned Congress multiple times that the debt ceiling must be raised to avoid a potentially catastrophic default.
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