On March 9 Joe Biden, the president of the United States, will present his spending proposal, according to a source familiar with the White House plan.
In this regard, the representatives of the White House did not make immediate comments on the publication of the planned budget.
News of the scheduled date came as the Democratic leader prepared to meet with House Speaker Kevin McCarthy, Republican, at the White House on Wednesday to discuss the nation’s spending, including the ceiling. of the upcoming debt.
While Biden said not raising the ceiling to pay for previously approved US spending was impossible, McCarthy and his fellow conservatives vowed to negotiate on any action to address the nation’s debt limit.
Biden told reporters Monday, “Show me your budget, I’ll show you mine,” when asked what his message would be to the House’s top Republican.
Although the President of the United States can propose a budget plan, Congress must pass any spending legislation. Although Biden’s Democrats narrowly control the Senate, Republicans won a majority in the House this month after winning control in last year’s midterm elections.
US Treasury Secretary Janet Yellen said the country could reach its debt limit as early as June and called on Congress to take swift action. The standoff over mounting US debt threatens to shake up the global economy if a default occurs.
The Treasury Department already began taking “extraordinary measures” to avoid a default before the summer, after hitting the government’s $31.4 trillion borrowing limit in early January.
Published by The Tampa Herald, news and information agency.