Debt limit talks have come to an abrupt standstill after House Speaker Kevin McCarthy said it’s time to “pause” negotiations. Democrats staunchly oppose the steep reductions Republicans have put on the table in exchange for avoiding a debt default.
Rep. Garret Graves, R-La., top mediator in the debt limit talks for House Speaker Kevin McCarthy, R-Calif., leaves a meeting room after negotiations came to an abrupt halt, at the Capitol in Washington, Friday, May 19, 2023. Graves told reporters it's time to"press pause" and it's"just not productive" to continue at this point.
The official added that the president’s team is working hard towards a “reasonable bipartisan solution” that can pass both the House and the Senate. Republicans want to extract steep spending cuts arguing the nation’s deficit spending needs to get under control. But Biden’s team is countering that the caps Republicans proposed in their House-passed bill would amount to 30% reductions in some programs if Defense and veterans are spared, according to a memo from the Office of Management and Budget.
But 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. Many House Republicans are unlikely to accept any deal with the White House. 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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Byron Donalds slams Democrats for debt ceiling 'calamity': House Republicans 'the only adults in the room'Rep. Byron Donalds, R-Fla., rips President Biden and Democrat leaders for their 'reckless' handling of the economy as debt ceiling negotiations continue.
Read more »
Debt limit talks in standstill as Republicans, White House face 'real differences'Debt limit talks came to an abrupt standstill after Republican House Speaker Kevin McCarthy said it’s time to “pause” negotiations. A White House official acknowledged there are “real differences” that are making talks difficult. Wall Street markets were down Friday amid the developments. It's not clear when the talks will resume. Biden’s administration is racing to strike a deal with Republicans as the nation careens toward a potentially catastrophic debt default if the nation fails to pay its bills. McCarthy says it's an “easy” problem to resolve by cutting government spending.
Read more »
Debt Limit Talks in Standstill as Republicans, White House Face ‘Real Differences’The Biden administration is racing to strike a deal with Republicans 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.
Read more »
Debt limit talks stall as Republicans, White House face 'real differences'Debt limit talks came to an abrupt standstill after Republican House Speaker Kevin McCarthy said it’s time to “pause' negotiations.
Read more »
57 House Republicans demand debt limit talks include crackdown on illegal immigrantsThe Republican Study Committee is calling for the House GOP's border bill to be a starting point on adding such measures to debt limit talks.
Read more »
Republicans walk out of debt ceiling talks, say White House isn't being 'reasonable'Financial markets dipped on news of the debt ceiling talks stalling, after a week of purported progress.
Read more »