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White House and Republicans will meet to discuss the US debt ceiling as the deadline approaches

With a looming deadline for forming agreement on the US debt ceiling, leaders from both the White House and the Republican Party are preparing for a meeting. According to sources, a meeting between President Joe Biden and the ranking Republican on the House Ways and Means Committee, Rep. Kevin Brady, is expected to take place this week. The meeting is being seen as a potential discussion about whether an agreement on the US debt ceiling, which is currently $27 trillion, can be struck before the April 15th expiration date.

The US debt ceiling is a legal limitation on the amount of money the US can borrow for financing government operations and debt service. Negotiations on raising the ceiling might normally begin months in advance of the deadline in order to allow time for an agreement to be reached. But this year is different due to the economic fallout from the ongoing coronavirus pandemic, along with the large amount of stimulus spending that were included in the 2020 budget.

It is unclear if the White House and Republican leaders will be able to reach an agreement before the deadline, as fiscal hawks in the party are more likely to want strict spending limits in exchange for approval on the US debt ceiling. On the other hand, the Biden administration is focused on the continuing economic recovery from the coronavirus pandemic and may seek more flexibility in spending.

As the deadline nears, it is important that both parties work together to come up with a solution that will prevent the US from defaulting on its debt. A failure to do so could have far-reaching consequences, as it would hurt the country’s fiscal responsibility and could potentially roil markets. However, the White House and Republicans are using this moment as an opportunity to reexamine how to manage the US budget going forward.