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US Again Facing Deadline to Increase Borrowing Limit  

The White House and Congress are engaged in tough, down-to-the-wire negotiations over raising the U.S. government's borrowing limit and agreeing to new spending levels for as long as the coming two years.  President Donald Trump's latest tweetstorm against four Democratic progressive lawmakers and the early stages of the 2020 presidential election campaign are grabbing the headlines in Washington. But the outcome of behind-the-scenes discussions between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi about the country's debt ceiling — its cap on borrowing to run the government — and the 2020 budget could prove more consequential.Agreement on a new debt ceiling and a deal on a new two-year spending plan beginning in October could take both issues off the table ahead of Trump's November 2020 re-election bid and Democratic efforts to oust him after a single term in the White House.The century-old debt ceiling is a legal cap on the amount of money the government can borrow to cover revenue shortages. In March, the debt limit expired and the debt now totals $22.5 trillion.House Speaker Nancy Pelosi, D-Calif., arrives for a closed-door session with her caucus before a vote on a resolution condemning what she called "racist comments" by President Donald Trump at the Capitol in Washington, July 16, 2019.Mnuchin, Trump's point man in the spending talks, and Pelosi, leader of the Democratic-controlled House of Representatives, have talked several times in recent days and, according to news accounts, have made progress in reaching a deal, but aren't at the finish line yet. Pelosi refuses to cut a deal on raising the debt ceiling until the two sides agree on new spending levels as well.The discussions are complicated by the legislative calendar, with House lawmakers set to leave Washington July 26 for their annual five-week summer recess and the Senate a... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, US Again Facing Deadline to Increase Borrowing Limit  , simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you US Again Facing Deadline to Increase Borrowing Limit  

 

 

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Published By: VOA NEWS - Tuesday, 16 July

 

 

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