US President Biden says he is optimisitc we will make some progress on debt ceiling

US President Biden speaking ahead of the meeting he is now having with US House Speaker McCarthy on debt limit negotiations.

• Optimistic we will make some progress on debt ceiling
• We need a bipartisan agreement, need to sell it to our constituencies
• We should be looking at tax loopholes and that wealthy pay their fair share
• I’m glad the Speaker’s here today, we both agree default is not an option, we both talked about the need for bipartisan agreement

Mccarthy weighing in:

• Looking forward to finding common ground

This appears to be where we are at:

• The Biden admin have offered 2023 baseline with 0% increase for 2024, then 1% for 2025.
• Republicans want 2 yr-caps -GOP wants FY 2022 levels, 1% increase per year with 10 yrs of caps
• The possible compromise being floated: FY 2022, adjusted for inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term