Door and Lock Terminology – Door LimiterĪlso called a door chain. The only problem with those four posts is I barely skimmed the surface! You’ll get a basic understanding of door and lock terminology with those articles under your belt but for the more complex stuff… keep reading! Door and Lock Terminology – DeadlockĪ mortise deadlock does not have a latch, but a bolt which is only operated by key. Somewhat unsurprisingly, that hasn’t changed in the last week and it hasn’t changed since I wrote about door and lock terminology here, here, here, or here. Treasury secretary Janet Yellen on Monday said a failure to raise the debt limit would hurt the US economy and weaken the dollar as the world’s reserve currency.Remember last week when I introduced (maybe re-introduced) you to the nightlatch function? In the beginning, I was discussing how confusing the language of locks can be. “But we cannot stress enough that time is short, with each passing day increasing the risk for a misstep resulting in a default.”įew countries in the world have debt ceiling laws, and Washington’s periodic lifting of the borrowing limit merely allows it to pay for spending Congress has already authorized.īiden would agree to a separate discussion on the budget but not tied to the debt ceiling, the White House said. Neil Bradley, top policy official at the US Chamber of Commerce, the nation’s largest business association, said it was positive that the two sides would continue meeting. Biden specifically said after the meeting that he was not ruling out such a short-term arrangement. It was closely watched ahead of what is expected to be a fraught period in Washington with the approach of June, when the US Treasury predicts the country could be forced to default on some debts.Įarlier Tuesday, McCarthy appeared to close the door to a short-term solution that’s been widely discussed on Capitol Hill: lifting the debt ceiling through September to allow more time for agreement. Tuesday’s meeting was the first between Biden and McCarthy since 1 February. Veterans of that battle warn the current situation is riskier because political divides have widened. In 2011, the scramble prompted a historic downgrade of the country’s top-notch credit rating. Past debt ceiling fights have typically ended with a hastily arranged agreement in the final hours of negotiations, thus avoiding a default. McCarthy, whose party has a slim majority in the House, has said his chamber will not approve any deal that doesn’t dramatically cut spending to address a growing budget deficit and signaled that he doesn’t see a short-term fix. Investors are bracing for impact.īiden is calling on lawmakers to raise the federal government’s self-imposed borrowing limit without conditions. “That’s not a way to govern,” he said.īut he did say Biden indicated that he was open to discussing reforms to the permitting process for new energy projects as part of the talks.Įconomists warn that a lengthy default could send the American economy into a deep recession with soaring unemployment while destabilizing a global financial system built on US bonds. “I didn’t see any new movement,” McCarthy told reporters, complaining that Biden didn’t agree to talks until time was running out. McCarthy emphasized a lack of progress after the meeting. “Everyone in the meeting understood the risk of default,” Biden said. “There’s a lot of politics and posturing, and that’s going to continue for a while,” Biden said, but political leaders are “getting to work”. Doing so would require litigation, he said, but is an option he may study in the future. And he did not rule out eventually invoking the 14th amendment to the US constitution, an untested approach that would seek to declare the debt limit unconstitutional. Biden, McCarthy and three other top congressional leaders were set to meet again on Friday.īiden called the talks “productive” and appeared to offer Republicans some possible compromises, including taking a “hard look” for the first time at clawing back unspent coronavirus relief funds to reduce government spending.īut he repeated that Republicans must take the threat of default off the table.
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