Key takeaways:
- Negotiations to raise the debt ceiling are ongoing between the White House and House Republicans.
- House Speaker Kevin McCarthy said there is still time to reach an agreement before the June 1 deadline.
- Republican Rep. Garret Graves said the two sides are still far apart, but McCarthy is hopeful that an agreement can be made to avert a default on the nation’s debt obligations.
Negotiations to raise the debt ceiling are ongoing, but the White House and House Republicans remain far apart in their discussions. On Tuesday, House Speaker Kevin McCarthy said that while the two sides are not close to a deal, there is still time to reach an agreement before the June 1 deadline when Treasury Secretary Janet Yellen has said the nation will run out of money to pay its bills.
McCarthy made the remarks after a private meeting with rank-and-file House Republicans at the Republican Party’s Capitol Hill Club. During the meeting, McCarthy urged his GOP colleagues to remain optimistic about the negotiations.
White House negotiators Steve Ricchetti, Shalanda Young and Louisa Terrell entered McCarthy’s suite Tuesday morning to resume negotiations. Republican Rep. Garret Graves, one of the House GOP negotiators, told reporters that the two sides are still far apart.
Despite the lack of progress, McCarthy said he believes the two sides can still strike a deal before the June 1 deadline. He said he is hopeful that the two sides can come to an agreement that will avert a potentially catastrophic default on the nation’s debt obligations.
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