The fact that the presence of history is so palpable may also be one reason why New Yorkers are relatively cynical and difficult to excite. New Yorkers are always in the presence of history, whether they are in awe of this fact or not. A New Yorker can casually stroll past Broadway or a place where the legendary writer Ernest Hemingway punched someone in the nose. Here’s a look at where things stand.White lists a catalogue of different historic events in all of these fields, all of which took place in New York. Most of House Republicans’ proposed savings would come from unspecified cuts to the smaller portion of the federal budget that is not on autopilot, leaving it up to lawmakers to decide every year how to divide up a pie that is 17% smaller over a decade, according to the Committee for a Responsible Federal Budget. McCarthy says Biden must agree to spending cuts before House Republicans will raise the limit on how much the government can borrow to avoid an unprecedented default.Įven if Biden and McCarthy do discuss future spending during Tuesday’s White House meeting with congressional leaders, the gulf is just as wide.īiden wants to reduce the budget deficit primarily through tax increases on corporations and higher-income earners. The Treasury Department estimates it won’t have enough money to pay all that’s owed as soon as June 1.
The two sides don’t even agree on what they should be discussing.īiden says Congress must first ensure that bills due for past spending decisions are paid before he’ll negotiate future budgets.
WASHINGTON - As the federal government barrels toward a potential catastrophic default, prospects that Tuesday’s meeting between President Joe Biden and House Speaker Kevin McCarthy will resolve their standoff are not promising.
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