Kirby Warns a US Default May Hurt Credibility Abroad
May 18, 2023
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0:58Now PlayingKirby Warns a US Default May Hurt Credibility Abroad
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as posted by the channelNational Security Council Coordinator John Kirby explains how a US default could affect the country's credibility.
House Speaker Kevin McCarthy said that negotiators on the federal debt limit may reach an agreement in principle as soon as this weekend and that he expects his chamber to consider a deal by next week.
“I can see now where a deal can come together,” the California Republican told reporters Thursday at the Capitol.
In order to avoid a historic US default, McCarthy said, the House will need to vote by next week on any compromise produced by the negotiators he and President Joe Biden named on Tuesday.
McCarthy’s comments were his most positive take yet on the negotiations to avoid a default, which Treasury Secretary Janet Yellen has signaled could become a risk as soon as June 1. Stocks showed modest gains on the news, with the S&P 500 hitting its high of the session, while the dollar extended an advance against major currencies.
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