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Talks between the White House and House Speaker Kevin McCarthy’s team on raising the nation’s debt ceiling have adjourned for now, according to two Republican sources familiar with the status of the negotiations. A White House official confirmed the stalemate.
The pause comes as President Biden is in Japan for the G-7 summit. Before he departed Tuesday, he said he was confident he could reach a deal with McCarthy that would pass through Congress.
U.S. Treasury Secretary Janet Yellen has warned lawmakers that the U.S. could run out of cash to pay its bills as early as June 1, if Congress does not raise or suspend the debt limit before then.
For months, Biden said he would only sign a «clean» debt limit bill — one that solely lifts the nation’s borrowing limit without addressing spending. House Republicans continue to insist that any deal that raises the debt limit must also include spending cuts. Earlier optimism has apparently faded
Biden and McCarthy met at the White House earlier this week with other top congressional leaders.
