SIX DAYS to default: Kevin McCarthy says there’s STILL more ‘progress’ to be made in White House debt ceiling talks – as Biden prepares to jet off for the weekend Memorial Day and the clock clicks “x date”
- “I thought we made some progress last night. We need to make more progress now,’ McCarthy told reporters on his way to the Capitol.
- The two sides have still not reached an agreement on a higher figure to increase the country’s borrowing limit
- A source familiar with said they also disagreed on whether to extend the loan for one or two years
Chairman Kevin McCarthy said he believed “progress” had been made in the debt talks overnight, although both sides remained clung to the biggest part: spending levels.
“I thought we made some progress last night. We need to make more progress now,’ McCarthy told reporters on his way to the Capitol.
He said he met his top negotiating assistant, Rep. Garret Graves, for a morning bike ride.
“It’s about spending. Democrats never want to stop,” McCarthy said.
Chairman Kevin McCarthy said he believed “progress” had been made in the debt talks overnight, although both sides remained clung to the biggest part: spending levels
Graves and fellow negotiator Rep. Patrick McHenry were seen entering the president’s office again mid-morning on Friday.
The two sides have still not reached an agreement on a higher figure to increase the country’s borrowing limit.
McHenry told reporters while visiting the president’s office that no in-person meeting was scheduled between House GOP negotiators and White House negotiators Steve Ricchetti and Shalanda Young for Friday.
President Biden is visiting Camp David on Friday before planning to spend the weekend at his home in Delaware. The White House insists he can negotiate from anywhere over the phone.
“We are here night after night after night. The pressure is greater, the consequences are greater. We recognize it. The White House should recognize that,’ said McHenry, North Carolina.
Bloomberg reports that the two sides are closing in on a deal that would raise the debt ceiling for two years and limit spending for the same amount of time — and the deal would claw back $10 billion of the $80 billion increase in the debt. IRS funding that Democrats passed in the last Congress.
But a source familiar with the talks told DailyMail.com that the two sides have not agreed on a turnover and have not agreed on whether to extend the loan. one or two years.
Republicans only want a year, Democrats want to push the extension until the next election.
The two sides will also hang up on defense spending on Friday.
Journalists huddle around the speaker desperately for updates on the impending deal that could avert a catastrophic default
Republicans wanted a big increase in the defense budget, even though they wanted to cut overall spending, while Democrats wanted spending cuts.
Republicans wanted a big increase in the defense budget, even though they wanted to cut overall spending, while Democrats wanted spending cuts.
The two sides could agree on a small increase – in line with President Biden’s $886.3 billion budget request.
In 2011, the country was in a similar crisis under former President Barack Obama who also faced a Republican House opposed to raising the ceiling.
As the cap was raised, the threat of default was enough to send US financial markets into turmoil and the country’s rating was downgraded from AAA to AA+ as a result.
