![]() ![]() Yellen reiterated this week that the government could hit the “x date” when it no longer has enough funds to pay all its bills on time as soon as June 1. House Minority Leader Hakeem Jeffries said congressional leaders and the White House will proceed “with the fierce urgency of now” to avoid hitting the debt limit in just two weeks. There were real conversations about differences in the meeting, but they were all respectful, Schumer added. He said at the White House that the meeting had been cordial and productive, with all parties agreeing a deal to increase the debt limit must have bipartisan support in the House and Senate. Schumer told reporters at the Capitol that he’s comfortable with proxies for McCarthy and the White House holding negotiations and that those talks could start as soon as Tuesday evening. They struck a notably different tone than after an initial White House meeting last week, when Democrats emerged taking some shots at McCarthy. Biden also directed staff to continue meeting daily.Ĭongressional Democrats were on board with the move to pare down negotiations, which have over the last week included staff from all four congressional leaders’ offices and the Biden administration. The White House described Tuesday’s meeting as a productive and direct conversation about the need to make sure the country doesn’t breach the debt limit and about a budget agreement that could make it to Biden’s desk.īiden emphasized he’s optimistic there’s a path to a deal if both sides negotiate in good faith and recognize they won’t get everything they want, according to the White House’s summary of the meeting. “I’m prepared to try to deliver as much of my conference as I can for whatever the speaker and the president can agree to that we know will get a signature,” he said. "If we're able to save $5 trillion to raise the debt ceiling and you want to go longer, you got to be open to doing more items as well."Īfter the White House meeting, McConnell said he’ll do his part to get any agreement they reach across the finish line. "Anytime somebody wants to raise the debt ceiling more, show me where you want to save more," he said. McCarthy said negotiators have yet to agree to the duration of a debt limit increase, but suggested that savings lower than the $4.8 trillion in the House-passed bill wouldn't convince Republicans to raise the debt limit by more than the $1.5 trillion increase in their bill. So the only thing that has changed is we finally have a format that has proven to work years in the past,” he said. "Nothing has been resolved in this negotiation. Garret Graves, R-La., and McCarthy aides will represent the speaker. He told reporters after returning to the Capitol that Steve Ricchetti, counselor to the president, and Office of Management and Budget Director Shalanda Young will negotiate on Biden’s behalf, while Rep. But McCarthy added it’s possible to get a deal by the end of this week. McCarthy said Republicans and Democrats are still far apart on the issues, after weeks of calls from the GOP to pair spending cuts with a debt limit increase and from Democrats to pass a “clean” debt limit bill without negotiating over the statutory borrowing limit. “So it now gives you a better opportunity even though we only have a few days to get it done.” “The structure of how we negotiate has improved,” McCarthy said of the decision to streamline talks after a week of staff meetings that saw little progress. McCarthy and his Senate GOP counterpart, Minority Leader Mitch McConnell had complained about having too many negotiators in the room, stressing that only the speaker and president would be able to cut a deal in the end. McCarthy and other top congressional leaders met with Biden and Vice President Kamala Harris at the White House amid a debt limit standoff between the two parties. ![]() President Joe Biden and Speaker Kevin McCarthy on Tuesday tapped proxies to negotiate directly over how to increase the debt limit with time running short before the government runs too low on funds.
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