Republican Kevin McCarthy said on Saturday he was making 'progress' in negotiations with Democratic President Joe Biden on raising the federal debt ceiling.
on raising the federal government's debt ceiling, as the nation faced risk of default in little more than a week.
"We do not have a deal," McCarthy told reporters. "We are not there yet. We did make progress, we worked well into early this morning. And we're back at it now." Republicans have sought to curb government spending sharply over the coming 10 years to slow the growth of the U.S. debt, which is now equal to the annual output of the economy.The two sides have tentatively reached an agreement that would raise the debt ceiling by enough to cover the country's borrowing needs through the November 2024 presidential election.
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McCarthy cites 'progress' in US debt-ceiling talks with White HouseAny deal in principle between President Biden and top congressional Republican Kevin McCarthy will be the start of what could easily be a week-long process of shepherding legislation through the narrowly and bitterly divided Congress.
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House conservatives blanch at leaked details of McCarthy-Biden debt talksThe group was already unlikely to support a final bipartisan deal, but lingering anger with Kevin McCarthy could have lasting implications on his speakership.
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Democrat questions Biden's debt ceiling talks with 'economic terrorists'A deal was still not struck between the White House and House Speaker Kevin McCarthy on Thursday before House lawmakers headed for holiday recess.
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