• Home
  • News
    • UP 200
    • Local
    • Lansing Bureau
    • Washington D.C. Bureau
    • National
    • Insights
    • Watch 19 News Live
    • CBS News Live
    • Report News
  • Weather
    • Forecast + Conditions
    • Current Alerts
    • Interactive Radar
    • Cameras
    • Share Photos/Videos
    • Closings and Delays
  • Sports
  • Features
    • Life in the 906
    • The Yooper Goddess
WZMQ 19 News | CBS | MeTV Marquette
Clear

Marquette
Clear 28°

Clear

Escanaba
Clear 30°

Clear

Houghton
Clear 30°

Clear

Iron Mountain
Clear 33°

Watch
No Result
View All Result
  • Home
  • News
    • UP 200
    • Local
    • Lansing Bureau
    • Washington D.C. Bureau
    • National
    • Insights
    • Watch 19 News Live
    • CBS News Live
    • Report News
  • Weather
    • Forecast + Conditions
    • Current Alerts
    • Interactive Radar
    • Cameras
    • Share Photos/Videos
    • Closings and Delays
  • Sports
  • Features
    • Life in the 906
    • The Yooper Goddess
WZMQ 19 News | CBS | MeTV Marquette
No Result
View All Result
WZMQ 19 News | CBS | MeTV Marquette
No Result
View All Result

1 Weather Alert

View Details »

McCarthy, Biden Begin Talks on Debt Ceiling While Members Warn of Economic Crisis if U.S. Defaults

by Rachel Knapp
February 2, 2023 - Updated on January 11, 2024
A A

WASHINGTON, D.C. – Congress and the White House are facing a debt ceiling showdown. President Joe Biden and Speaker of the House Kevin McCarthy met to begin discussions on this. Members are sounding the alarm about the economic implications if the US defaults on its debt.  

“I was very clear with the president, we should not wait five months let’s not put America through turmoil right,” said Speaker Kevin McCarthy (R- CA).  

Following a meeting with President Biden at the White House, Speaker McCarthy said he’ll continue talks with the president on the debt ceiling, which is the cap on the total amount of money the government is allowed to borrow to fulfill its financial obligations. Two years ago, congress agreed to raise the borrowing cap to 31-trillion dollars. Some members see this as an opportunity to cut back on government spending, while others believe the limit should be lifted. For now, McCarthy is keeping quiet on the details saying he’s not going to negotiate this through the press.  

“I’m very clear: We will not pass a clean debt ceiling without some form of spending reform,” said McCarthy. 

“We should pass the debt ceiling, clean, that’s where we’re at,” said Sen. Chuck Schumer (D-NY).  

Democratic members are clashing with republicans on the debt ceiling debacle saying if the US defaults on its debt, it could cripple the economy and stock markets. 

“This default would mean real dollars coming out of American families’ wallets,” said Sen. Schumer. “Mortgages, car loans, credit card rates, would all go up.” 

Schumer warns of the implications for all Americans, including those who live in rural areas like some of his constituents in New York.  

“Medicare reimbursements for our hospitals would go way down,” said Schumer. “Healthcare treatment would be worse, healthcare treatment would be more expensive and there would be massive layoffs at so many of our hospitals in particularly rural areas many in my counties the hospital is the largest employer.” 

The Treasury Secretary informed congress earlier that they will be using extraordinary measures to keep the US from defaulting but they believe congress has until June to figure that out.  

Get WZMQ 19 anytime, anywhere

Download the app

AppleAndroid

Watch on TV

RokuFire TVZeam

Connect on social media

FacebookTwitterInstagram

More

News

Medicaid Could be on the Chopping Block to Meet President’s Spending Goals

March 5, 2025
News

Sen. Slotkin Shares Thoughts on Trump’s Inaugural Address

January 20, 2025
News

Senators Peters, Slotkin Grill Trump’s Defense Secretary Nominee During Hearing

January 14, 2025
News

Past Presidents, U.S. Leaders, Local Lawmakers Remember Jimmy Carter 

January 9, 2025
News

Bergman’s Legislation Aims to Expand Support for Rural Health Providers

November 28, 2024
News

Michigan Members React to Gaetz Withdrawing from Attorney General Nomination

November 21, 2024
Next Post

Fallen power lines cause partial road closure in Escanaba

Looking Better Today

  • Home
  • News
  • Weather
  • Sports
  • Features
  • Events
  • Programming
  • Station
WZMQ CBS | 19 News

© 2025 WZMQ, LLC | FCC Public File | EEO Report

No Result
View All Result
  • Home
  • News
    • UP 200
    • Local
    • Lansing Bureau
    • Washington D.C. Bureau
    • National
    • Insights
    • Watch 19 News Live
    • CBS News Live
    • Report News
  • Weather
    • Forecast + Conditions
    • Current Alerts
    • Interactive Radar
    • Cameras
    • Share Photos/Videos
    • Closings and Delays
  • Sports
  • Features
    • Life in the 906
    • The Yooper Goddess
  • Events
  • Programming
    • Programming Guide
    • CBS
    • MeTV
    • Start TV
    • Heroes & Icons
    • Court TV
    • ION
  • Station
    • About Us
    • Community Involvement
    • Mobile App
    • Meet the Team
    • Contact
    • Careers
    • Advertising
    • Request Copy of Story
    • FCC Public File
    • EEO Report
No Result
View All Result
  • Home
  • News
    • UP 200
    • Local
    • Lansing Bureau
    • Washington D.C. Bureau
    • National
    • Insights
    • Watch 19 News Live
    • CBS News Live
    • Report News
  • Weather
    • Forecast + Conditions
    • Current Alerts
    • Interactive Radar
    • Cameras
    • Share Photos/Videos
    • Closings and Delays
  • Sports
  • Features
    • Life in the 906
    • The Yooper Goddess
  • Events
  • Programming
    • Programming Guide
    • CBS
    • MeTV
    • Start TV
    • Heroes & Icons
    • Court TV
    • ION
  • Station
    • About Us
    • Community Involvement
    • Mobile App
    • Meet the Team
    • Contact
    • Careers
    • Advertising
    • Request Copy of Story
    • FCC Public File
    • EEO Report
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our privacy policy.