Negotiations conducted by US President Joe Biden and House of Representatives (Hor) Speaker Kevin McCarthy ended without reaching an agreement on how to raise the US government's debt ceiling of $31.4 trillion, according to Al-Hurra, a US satellite channel.
The Democratic president and the most prominent Republican politician in Congress strove for progress to reach an agreement, and McCarthy pressured the White House to agree to federal spending cuts that Biden considered "harsh."
Biden, on the other hand, called for new taxes on the wealthy, which Republicans rejected.
"I feel like we had a productive discussion. "But we don't have a deal yet," McCarthy told reporters after an hour-long talk with Biden in the Oval Office.
He added that negotiators from both sides would continue consultations.
The two sides have only ten days to reach an agreement to raise the federal government's debt ceiling; otherwise, it may default in an unprecedented way on its obligations.
Experts warn that this scenario could lead to a recession.
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