A meeting between top debt ceiling negotiators from the White House and US House Speaker Kevin McCarthy’s office ended Friday night, with neither side able to say when they’d again meet in-person.
The break down in the debt limit talks on Capitol Hill, came after multiple sources told CNN that earlier discussions had hit a snag, triggering a pause. The setback dashed hopes that there could be a deal in principle by the weekend.
“This wasn’t a negotiation tonight, this was a candid discussion about realistic numbers, a realistic path forward and something that truly changes the trajectory of this country spending and debt problems,” Graves said. GOP Rep. Dusty Johnson, an ally of McCarthy and chair of the centrist Main Street Caucus, told CNN that spending cuts were the biggest sticking point in the negotiations.
“Countries want to have a sense of how these negotiations are going to play out. And the president has expressed confidence that he believes that we can drive to an outcome where we do avoid default, and part of the reason that he’s returning home tomorrow, rather than continuing with the rest of the trip, is so that he can help lead the effort to bring it home,” Sullivan said in Hiroshima.
McCarthy confirmed earlier Friday that talks had paused, saying there was not enough “movement” from the White House and bringing up the issue of spending cuts. Time is of the essence and pressure is building to raise the borrowing limit ahead of June 1, which is the earliest date the Treasury Department says the government could be unable to pay its bills. If the US were to default, it would likely trigger a global economic catastrophe.
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