House Speaker Kevin McCarthy said debt ceiling talks are on pause. It is unclear when negotiations will resume.
with Republicans led by McCarthy as the nation careens toward a potentially catastrophic debt default if the government fails to increase the borrowing limit, now at $31 trillion, to keep paying the nation’s bills.
Negotiators met for a third day behind closed doors at the Capitol with hopes of settling on an agreement this weekend before possible House votes next week. They face a looming deadline as soon as June 1 when the Treasury Department has said it will run out of cash to pay the government’s incurred debt.that Biden has so far refused to accept. Any deal would need the support of both Republicans and Democrats to find approval in a divided Congress and be passed into law.
The internal political dynamics confronting the embattled McCarthy leaves the Democrats skeptical of giving away too much to the Republicans that drives away the Democratic support they will need to pass any compromise through the Congress. Rep. Garret Graves, R-La., tapped by McCarthy to lead the talks, emerged from an hourlong session at the Capitol and said gaps remained between House Republicans and the Democratic administration.He added that the negotiations have become “just unreasonable” and that it was unclear when talks would resume.
As Republicans demand spending cuts and policy changes, Biden is facing increased pushback from Democrats, particularly progressives, not to give in to demands they argue will be harmful to Americans. McCarthy faces pressures from his hard-right flank to cut the strongest deal possible for Republicans, and he risks a threat to his leadership as speaker if he fails to deliver.
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