President Joe Biden and House Speaker Kevin McCarthy spoke by phone Sunday to discuss a budget compromise and a deal to raise the nation’s borrowing limit. Biden warned Republicans that they must move off their “extreme positions” over raising the debt limit and that there would be no agreement to avoid a catastrophic default only on their terms. The White House and House Republicans are narrowing in on a 2024 budget year cap that would be key to resolving the standoff. The two leaders are set to meet for a pivotal meeting Monday at the White House. Treasury Secretary Janet Yellen said Sunday that June 1 is a “hard deadline” for a deal. Republicans are holding tight to demands for sharp spending cuts with caps on future spending, while the White House has proposed reducing deficits in part with revenue from taxes. A compromise on those topline spending levels would enable McCarthy to deliver a victory for the country and avert an economy-wrecking federal default.President Biden and House Minority Leader Kevin McCarthy have been in talks to reach a budget deal that would raise the debt limit and avoid a potential default. The Republican proposal includes cuts to Medicaid, food aid, and IRS money, as well as work requirements for Medicaid recipients. The White House has countered by keeping defense and nondefense spending flat next year, which would save $90 billion in the 2024 budget year and $1 trillion over 10 years. Republicans have also rejected various White House revenue proposals, including policies that would enable Medicare to pay less for prescription drugs. Biden has ruled out the possibility of taking action on his own to avoid a default, as any such steps would become tied up in the courts. With the June 1 deadline looming, both sides are hoping to reach an agreement that would be beneficial for both parties.When it comes to making big purchases, it can be difficult to get the approval of your partner. This was the case for one man who wanted to buy a $40,000 car, but his wife said no. He then decided to take a different approach and ran it past her again, but this time with a twist. He told her that he was going to buy the car for her, and she went ballistic. rnrnThis story is a reminder that communication is key when it comes to making big decisions. It’s important to be honest and open with your partner about your plans and to listen to their opinion. It’s also important to be creative and think of ways to make the purchase more palatable. rnrnMeanwhile, borrowers are preparing for the resumption of student-debt payments. With the pandemic causing financial hardship for many, the government has put a pause on payments. Now that the pause is coming to an end, borrowers are looking for ways to manage their debt. This includes consolidating loans, refinancing, and exploring repayment plans. rnrnIt’s important to be proactive when it comes to managing debt. Borrowers should take the time to research their options and find the best solution for their situation. With the right plan in place, borrowers can make their payments and get back on track.
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