Congress has less than two weeks to raise the federal borrowing threshold under a June 1 deadline set by Treasury Secretary Janet Yellen.
Topline
Debt ceiling talks are on “pause,” top Republican negotiator Rep. Garret Graves (R-La.) said Friday, blasting the Biden Administration for making “unreasonable” requests for raising the federal borrowing limit—an alarming stall that comes as Congress has less than two weeks to lift the debt ceiling or risk an economic meltdown.Key Facts
“It’s time to press pause, because it’s just not productive,” Graves told reporters following an hour-long meeting with President Joe Biden’s team on Friday.
Graves, who was appointed earlier this week by House Speaker Kevin McCarthy (R-Calif.) to manage negotiations with the White House on behalf of the GOP, made the comments.
McCarthy confirmed the negotiations had again reached an impasse Friday, telling reporters “we don’t have any movement yet,” while attributing the stalemate to the White House’s refusal to cut federal spending, one of the demands the GOP has made in exchange for raising the $31.
