A key Republican representative paused negotiations on Friday despite the White House saying that progress was being made.
With the U.S. facing a looming debt ceiling limit in early June, Rep. Garret Graves told reporters Friday that it’s time to “press pause” in negotiations with the White House.
Graves was tasked by Speaker Kevin McCarthy to lead negotiations in the high-stake meetings. Officials said failure to increase the debt ceiling could cause dire consequences for the U.S. economy. Just hours prior, while attending the G-7 summit in Japan, a White House official told reporters that White House negotiators informed President Biden that “steady progress is being made.”
The White House said President Biden spent 20-30 minutes with his negotiators ahead of Friday morning's meeting with Graves.Both parties have drawn a line in the sand on how to address it. Democrats have insisted on a bill that just addresses the debt limit. McCarthy said Republicans want to include spending cuts on non-discretionary programs.
“If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” Yellen wrote.
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