The House speaker predicted a deal could be done “by the end of the week” following a meeting with Biden on Tuesday, but some issues are still holding up a highly sought-after agreement.
Topline
Both President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) emerged with a positive outlook following their latest round of debt ceiling negotiations Tuesday, with McCarthy saying a deal to raise the nation’s borrowing limit could be done “by the end of the week,” even as the two sides appear hung up on a handful of details with little time to negotiate ahead of an estimated June 1 deadline for when the federal government might no longer be able to pay its bills.Key Facts
McCarthy told reporters following the meeting that “the structure of how we negotiate has improved,” stating the White House “changed the scope” of how talks are handled.
The comments come in sharp contrast with remarks he made Monday, when he suggested the White House wasn’t serious about negotiating and said: “it seems more like they want a default than a deal.”
The White House called the talks “a productive and direct meeting” in a statement Tuesday afternoon, adding Biden is “optimistic that there is a path to a responsible, bipartisan budget agreement.”
Biden reportedly tapped Shalanda Young, the director of the Office of Management and Budget Director, and longtime advisor Steve Ricchetti to engage directly with congressional Republicans to reach a debt ceiling agreement—despite repeatedly saying he would only accept an agreement to raise the debt ceiling with no strings attached.
