House Speaker Kevin McCarthy said there was progress in talks with President Joe Biden on raising the government’s debt ceiling as the nation faces risk of default in little more than a week
Kevin McCarthy speaks with reporters at the U.S. Capitol, May 26, 2023. REUTERS/Jonathan Ernst
"Republicans want to cut spending. That's what we've offered with our approach to raising the debt ceiling, with work requirements for able bodied folks to get back in the workforce. Those things are big issues, and there's no way to sort of gloss that over," he said.Time is tight.
Progressive Democrats have also threatened to withhold support for some of the compromises raised, particularly around imposing new work requirements on federal anti-poverty programs.Republicans control the House by a 222-213 margin, while Democrats hold a 51-49 Senate majority, leaving a narrow path to pass any agreement by the Democratic president and Republican speaker into law.
"If Speaker's negotiators bring back in substance a clean debt limit increase ... one so large that it even protects Biden from the issue in the presidential ... it's war," Bishop, a member of the hardline House Freedom Caucus, wrote on Twitter on Saturday.Republicans have rejected Biden's proposed tax increases, and neither side has shown a willingness to take on the fast-growing health and retirement programs that will drive up debt sharply in the coming years.
Both programs expanded dramatically during the COVID-19 pandemic but have been scaled back in recent months.
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