WASHINGTON - House Republicans pushed debt ceiling talks to the brink on May 25 while preparing to leave town for the Memorial Day holiday weekend just days before the U.S. could face an unprecedented debt default.
Rep. Kevin McCarthy said his negotiating team is “to work 24/7 to solve this problem.” But are demanding spending cuts that Democrats oppose.
The President and Rep. McCarthy both expressed optimism that the deal will get done.
Lawmakers are tentatively not expected back to work until May 30, just two days from June 1, when Treasury Secretary Janet Yellen has said the U.S. could start running out of cash to pay its bills.
One idea is to set topline budget numbers but adding a “snap-back” provision that enforces the cuts if Congress is unable during its annual appropriations process to meet the new goals. (The AP 05/25/23)
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