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May 25, 2023
The White House and Republican congressional leaders are reporting progress in talks to raise the debt ceiling, though there are still gaps to close before the House breaks for the Memorial Day recess.
Treasury Secretary Janet Yellen has warned that the U.S. government could default as early as June 1, and even if negotiators reach an agreement today, it will still need to be written into a bill. House rules also require 72 hours for lawmakers to review legislation before they can vote.
“I believe we’ll come to an agreement,” President Biden told reporters today. “Speaker McCarthy and I had several productive conversations and our staffs continue to meet as we speak and we’re making progress. I made clear time and again, defaulting on our national debt is not an option.”
“We know where our differences lie,” Speaker Kevin McCarthy (R-CA) said today. “Worked well past midnight last night. We’re back at it today, trying to get to the conclusion that can solve this problem. We’ve already talked to the White House today. We’ll continue to work. They’re working on numbers. We’re working on numbers.”
The Senate is already out of town and McCarthy said today that the House will recess today but lawmakers will remain on notice to return to Washington if a deal comes together.