McCarthy optimistic about debt limit talks progress.

Negotiators Close to Debt Ceiling Deal

“I feel closer to an agreement now than I did a long time before because I see progress,”

– House Speaker Kevin McCarthy (R-CA)

House Speaker Kevin McCarthy (R-CA) has expressed optimism about the ongoing negotiations for a debt ceiling deal. He believes that progress has been made and that a deal worthy of the American people is within reach.

Sticking Points Remain

Representatives Garret Graves (R-LA) and Patrick McHenry (R-NC) returned early on Saturday to continue talks with McCarthy. While they have come to a “narrow set” of disagreements, a few sticking points remain. McHenry noted that a final deal could be reached in “hours or days.”

The Clock is Ticking

The House broke for recess on Thursday afternoon for the holiday weekend, but negotiators are feeling the pressure to reach a deal before the “X-date” on June 5. Treasury Secretary Janet Yellen updated the deadline from June 1, giving negotiators four extra days to finalize an agreement and get a bill passed through Congress before a possible default.

Legislative Text to be Released Soon

Once a deal is reached, legislative text must be released for review for at least 72 hours before being considered for a vote under House rules. McCarthy has remained adamant that members will have 72 hours to review the text before a vote. He hopes to have a vote as soon as Tuesday evening, meaning a deal could be made as early as Saturday.

After passing through the House, the legislation will be sent to the Senate, where it could take a few days before it’s passed and sent to President Biden’s desk for his signature.

Despite the holiday weekend, McCarthy and his team will continue working on a deal in Washington.

Stay tuned for updates on the debt ceiling negotiations.