With time running out, McCarthy says debt limit talks remain 'far apart' but deal 'possible'
ollowing a week of staff-level discussions, President Joe Biden and top congressional leaders left a high-stakes meeting at the White House on Tuesday without a deal in place to raise the debt limit, as both sides remain sharply divided over the GOP plan to cut spending by imposingHouse Speaker Kevin McCarthy told reporters after the meeting that it’s “possible” to get a deal by the end of the week, even though he believes negotiations with the White House over spending cuts and raising the...
Congressional leaders declined to comment on the specific details of negotiations with the President, but various areas of possible agreement appear to be emerging.
The Congressional Budget Office predicted last month that if the GOP bill became law, and tougher work requirements were imposed, about 600,000 Americans would lose health insurance and about 275,000 Americans a month would lose access to food stamps. That issue could prevent lawmakers from reaching a deal by the end of the week.
But even if Democrats give in to GOP permitting legislation and claw back untapped COVID-19 relief money, it may not go far enough to satisfy McCarthy’s hard-right faction in the House—or even progressive Democrats. McCarthy defended his position after the meeting, telling reporters that House Republicans have already done their part bythat would undo several major elements of the President’s domestic agenda in exchange for raising the debt ceiling.
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