McCarthy and Schumer optimistic on debt ceiling talks: ‘We have a plan’

Debt Ceiling Deadline Approaches: McCarthy and Schumer Optimistic

House Speaker Kevin McCarthy (R-CA) and Senate Majority Leader Chuck Schumer (D-NY) are feeling positive about the debt ceiling ahead of the June 1 deadline.

McCarthy recently spoke with Schumer about the timeline for passing a bill to avoid defaulting on the nation’s debt. According to CNN, McCarthy believes it would take four days in the House and seven in the Senate to pass such a bill. He also emphasized the importance of reaching an agreement “by sometime this weekend.”

While an agreement has not yet been reached, McCarthy is optimistic about the progress being made. “We have a structure now. I just believe where we were a week ago and where we are today is a much better place because we’ve got the right people in the room discussing it in a very professional manner with all the knowledge and all the background from all the different leaders and what they want,” he said.

Schumer is also hopeful that a bipartisan agreement can be reached to avoid defaulting on the nation’s debt. “I’m also pleased that the other side has recognized the best way forward is a bipartisan piece of legislation that can secure enough votes to get through both the House and the Senate,” he said.

Despite the positive outlook, a recent poll showed that respondents were divided on who was to blame for the lack of agreement regarding the debt ceiling. 33% of respondents pointed to President Joe Biden, while 27% named House Republicans, 32% identified both, and 8% said neither.

Schumer Announces Senate Recess Amid Debt Ceiling Negotiations

On the same day that Schumer expressed optimism about the debt ceiling negotiations, he also announced that the Senate will move forward with its planned May recess, which will end on May 30. This decision was met with criticism from a group of 14 House Republicans, who sent a letter urging Schumer to keep the Senate in session until a deal on the debt limit is reached.

Key Takeaways:

• McCarthy and Schumer are optimistic about reaching a bipartisan agreement to avoid defaulting on the nation’s debt
• McCarthy believes it would take four days in the House and seven in the Senate to pass a bill to avert default
• Schumer announced the Senate will go on recess despite ongoing negotiations, drawing criticism from House Republicans
• A recent poll showed that respondents were divided on who was to blame for the lack of agreement regarding the debt ceiling

Stay tuned for updates on the debt ceiling negotiations.