McCarthy says some progress made in US debt ceiling talks FMTNews FMTWorld
House Speaker Kevin McCarthy insisted that any deal to raise the debt ceiling must cut discretionary spending and cap spending growth.
Democratic President Joe Biden and House of Representatives Speaker McCarthy are at odds over spending, taxes and work requirements for anti-poverty programmes. But both sides say they believe they can find common ground after hours-long discussions by their negotiating teams on Wednesday that they characterised as productive.
Even as Republicans tout progress, McCarthy is preparing to possibly let lawmakers leave Washington today for a week-long holiday recess, with the proviso that they need to be ready to return for a vote. The Senate is currently out but on similar orders to be ready to return. Asked if Treasury could meet its debt obligations after June 1 without a debt ceiling hike, McCarthy said: “There’s always money coming in. But I leave that up to the Treasury secretary. I take June 1 as the deadline, always have.”
House lawmakers will get three days to read any debt-ceiling bill before they have to vote on it. In the Senate, Republican Mike Lee said he would block a quick vote if he did not like the deal, which could delay action for days and could push final passage well past June 1.
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