President Joe Biden and House Speaker Kevin McCarthy will meet again on Monday to try to find a deal to avoid a U.S. default. Lawmakers are still far apart on an agreement to raise the federal borrowing limit, and time is running out.
McCarthy said there's no agreement yet, despite a productive phone call with Biden. Biden called on Republicans to reconsider their extreme positions, as he finds their proposals unacceptable.
The negotiations have faced many challenges since January when the U.S. reached its debt ceiling. Treasury Secretary Janet Yellen warned about the tough choices ahead if there's no agreement by the X-date deadline, which is estimated to be June 1.
Some lawmakers are exploring alternative options like a discharge petition or invoking the 14th Amendment. Biden and McCarthy remain hopeful, and negotiations involve other key leaders as well.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.