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Debt limit talks between the White House and House Republicans stopped, started and stopped again Friday at the U.S. Capitol, a dizzying series of events in high-stakes negotiations to avoid a potentially catastrophic federal default.
President Joe Biden’s administration is reaching for a deal with Republicans led by House Speaker Kevin McCarthy as the nation faces a deadline as soon as June 1 to raise the country’s borrowing limit, now at $31 trillion, to keep paying the nation’s bills. Republicans are demanding steep spending cuts the Democrats oppose.
Negotiations came to an abrupt standstill earlier in the day when McCarthy said it’s time to “pause” talks. But the negotiating teams convened again in the evening only to quickly call it quits for the night.
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