Negotiations around the debt limit and spending reforms continue between President Biden‘s and House Speaker Kevin McCarthy‘s (R-Calif.) camps, which report progress but no timeline for an agreement.
Rep. Garret Graves (R-La.), one of McCarthy’s lead negotiators, said, “We had some progress that was made on some key issues. … We continue to have major issues that we have not bridged the gap on right now.”
What exactly the parties have agreed on isn’t clear. Graves made it clear that the GOP isn’t budging on its demand for increased work requirements for certain people receiving government assistance, though.
The exact date by which the U.S. would default on its debts without a debt limit fix isn’t known. Treasury Secretary Janet Yellen estimated it could be as early as next Thursday.
From The Hill’s Mike Lillis, Emily Brooks and Brett Samuels: “Multiple House Republicans said Thursday that they saw a draft plan that could lift the debt limit by up to $4 trillion, which would last past the 2024 election — far more than the $1.5 trillion proposed in the House GOP debt limit increase bill that passed in April.”
Some conservatives responded with frustration, about which McCarthy said Friday, “You’re talking to people who don’t know what’s in the deal, so I’m not concerned about anybody making any comments right now about what they think is in or not in.”
Both Democratic and Republican negotiators have faced pressure not to budge on their parties’ priorities.
As Lillis, Brooks and Samuels wrote, “Any legislation that can pass through both the GOP-controlled House and win Biden’s signature will necessarily require support from both parties.”
