US House Speaker, Republican Congressman Kevin McCarthy (said he had spoken by phone with President Joe Biden about the debt ceiling issue and the two sides agreed to meet on May 22 (US time) to continue discussing this issue.
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| Illustrative photo. (Source: Forbes/VOV) |
The White House also announced that working-level talks had resumed before the Speaker of the House and the President met in person.
Negotiations on raising the debt ceiling are becoming more urgent as the US Treasury Department warns that the government could run out of money and default on June 1.
It is unclear whether the two sides will reach an agreement before June 1, but President Biden has mentioned the possibility of using a constitutional provision in the 14th Amendment, which gives the president the power to raise the debt ceiling.
The two sides remain at odds over the debt ceiling. Republicans say the debt ceiling cannot be raised without drastic measures to reduce the deficit. President Biden and the Democrats, on the other hand, oppose such measures and instead propose some spending cuts and tax increases for the wealthiest individuals and corporations that currently enjoy large tax breaks.
Oil prices in Asia fell in the morning session of May 22 due to cautious sentiment related to the debt ceiling negotiations in the US and concerns about the recovery of demand in China, while the market received support from reduced supply from Canada and the Organization of the Petroleum Exporting Countries (OPEC) and its allies (also known as OPEC+).
Brent crude futures fell 0.6% to $75.1 a barrel, while U.S. light sweet crude (WTI) for July delivery also fell 0.6% to $71.24 a barrel.
The debt ceiling issue in the US also affected Asian stock markets. The Japanese stock index opened lower on May 22, following the decline on Wall Street, where investors were unhappy with the lack of progress in the US negotiations.
In contrast, South Korean stocks rose on the morning of May 22, led by large-cap auto and technology stocks, as debt ceiling negotiations in the US are expected to resume soon.
According to nhandan.vn
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