US House Speaker McCarthy: Meeting with Biden was productive but no debt ceiling deal

Anil Panchal FXStreet

“Meeting with US President Joe Biden was ‘productive’ but no agreement had yet been reached on the debt ceiling,” said US House Speaker Kevin McCarthy late Monday per Reuters. The US policymaker spoke after his much-anticipated meeting with US President Biden.

It’s worth noting that a US Republican Patrick Mchenry also crossed wires, via Reuters while saying, “We have a little more of the details we need to get to a package that can pass Congress.” The policymaker also said, “What I sense from the white house is a lack of urgency.”

Additional comments

The meeting was productive in areas where we have differences of opinion.

Tone of discussion was improved from previous times.

Not willing to talk about raising revenue, problem is spending not revenue.

Staff level talks will continue.

Not willing to talk about raising revenue.

Staff will continue to get back together.

Both agreed we want to come to an agreement.

Confident that Biden wants to make a deal.

Instructed negotiators to come back together and find common ground.

Not going to waive the 72-hour rule.

Defense cuts are not on the table.

I believe we can get a deal done.

Nothing is agreed to, everything is being talked about.

Biden and I will talk everyday until we get this done.

Don't think a short-term extension benefits anybody.

Negotiating teams will work tonight.

I see where the framework could be.

If i don't meet biden every day, i'm sure we're going to talk on the phone.

Market reaction

The news allowed the US Dollar to pick up bids to 103.25, after an upbeat start of the week.

Also read: Forex Today: Quiet markets ahead of PMIs, awaiting a debt-limit deal

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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