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Debt limit talks broke down again at the US Capitol shortly after resuming as they drifted into a stalemate. Republican Speaker of the House Kevin McCarthy said it is time to “pause” the negotiations, and the White House acknowledged that there are “real differences.”
The White House announced that there will be difficult talks on the US debt limit, where both parties abandoned key negotiations that would prevent a historic default for the world’s largest economy.
From Japan, where President Joe Biden meets with the G7 leaders, the White House spokeswoman, Karine Jean-Pierre, assured that the negotiators would continue working to reach a reasonable solution.
The second meeting on Friday, resumed after Republican congressional negotiators left the talks table, also adjourned without the parties commenting on any further progress or meeting.
Washington is nearing a June 1 deadline to reach an agreement or risk a historic default on its next debt payments. “We had a very, very frank discussion talking about where we are, talking about where things need to be,” Republican Garret Graves said after a brief meeting on Capitol Hill with White House officials.
“This has not been a negotiation,” he commented, adding that the calendar for the next meeting had not been set.
Early on, Kevin McCarthy, Speaker of the House of Representatives, reiterated that progress is needed to change the “trajectory” of US government deficit spending and rising debt. “We have to spend less than the year before,” McCarthy said.
Republicans argue that the Biden team does not accept some spending cuts. The biggest deadlock revolves around the budget for fiscal year 2024, according to AP sources linked to the negotiations. Democrats reject the cuts that Republicans put on the table as potentially harmful to Americans.
“We have to get a motion from the White House and we don’t have any motion yet. So, yeah, we have to pause,” McCarthy said.
Wall Street closed negative due to the interruption of the negotiations to raise the debt limit of the nation, which raised fears that the country is approaching this risk of default, which, according to experts, would be chaotic for the global economy.
With AP and Reuters
