Kevin McCarthy, the House’s top Republican, said on the morning of Saturday, May 27, that the talks were making “progress,” but there was still no deal in place.
The issue is a priority because the US debt is now the size of the economy’s annual production and the deadline to pay its bills is June 5 (previously June 1).
The forecasts are that Congress and the president reach an agreement that raises the ceiling enough to cover debt needs until 2024, the date of the next presidential elections.
Although not everyone agrees with the plan. Rep. Dan Bishop, a Republican, took to Twitter on Saturday: “If the House Speaker’s negotiators come up with a clean debt limit increase in substance…one so big that it even shields Biden from the issue in office…it’s a war”.
House Speaker McCarthy also said his group would continue to push for energy permitting reforms, including more facilities for oil and gas extraction, as they push to reject Biden’s proposed tax increases.
“Democrats want to spend more and tax more. Republicans are fighting to change that. It’s as simple as that,” the Republican said on Twitter.
In turn, the president seeks that infrastructure works are not touched by green energy laws.
