The uncertainty surrounding raising the debt ceiling has worried economists and the markets, with some of them out with doomsday predictions.
What Happened: Unperturbed by the dire consequences a default can have on the global economy and the U.S. in particular, the Biden administration and the Republicans continue to wrangle over the specifics of a potential deal.
After an unsuccessful meeting with key Republicans, including House Speaker Kevin McCarthy (R-Calif) and Senate minority leader Mitch McConnell (R-KY) on Tuesday, President Joe Biden dropped at least two hints that he is amenable to a solution, New York Times reported.
The president suggested for the first time that he was open to reclaiming some of the unspent COVID-19 stimulus funds which were allocated as part of the 2021 economic rescue bill. He reportedly conveyed this at an impromptu news conference in the Roosevelt Room.
“But the question is what obligations were there made, commitments made, money not disbursed, …