McCarthy pauses debt limit discussions until Biden’s return from G7.

Debt Default Negotiations on Pause as McCarthy Lacks Confidence in Biden’s Team

Speaker Kevin McCarthy (R-CA) has put negotiations with the White House to avert a debt default on pause until President Joe Biden returns from the G7 on Sunday. McCarthy, along with Rep. Garret Graves (R-LA) and Rep. Patrick McHenry (R-NC), expressed their lack of confidence in the current direction of negotiations with the president’s team.

White House Negotiators Want to Spend More Money

McCarthy told reporters that the White House negotiators want to “spend more money than we spent this year,” which is something he cannot agree to. The Speaker expressed his desire for a responsible and sensible agreement, but the team of White House negotiators has moved backwards in their approach.

Democratic Senators Urge President to Utilize 14th Amendment

Since Biden left for the G7, a group of Democratic Senators, led by Sen. Sanders (I-VT) and 66 members of the House’s Congressional Progressive Caucus, have urged the president to utilize the 14th Amendment of the Constitution to go around Congress to raise the debt ceiling.

Conservative House Freedom Caucus Takes a Stand

The conservative House Freedom Caucus released its official position on the debt ceiling, stating that “there should be no further discussion until the Senate passes” the House’s debt ceiling bill.

Deadline Approaching

The deadline for the debt ceiling to be raised is June 1, according to Treasury Secretary Janet Yellen. This gives the White House and McCarthy less than two weeks to come to an agreement on how to raise the debt ceiling. The Senate is out on recess all of next week.

• McCarthy lacks confidence in current negotiations with the White House
• White House negotiators want to spend more money than McCarthy can agree to
• Democratic Senators urge President to utilize 14th Amendment to raise debt ceiling
• Conservative House Freedom Caucus takes a stand
• Deadline for debt ceiling to be raised is June 1