White House and Republican congressional negotiators were quiet after meetings on raising the debt ceiling ended with no progress cited by either side
WASHINGTON, May 20 - White House and Republican congressional negotiators on raising the federal $31.4 trillion debt ceiling were not expected to meet on Saturday after talks on Friday failed and as the country inched closer to the debt ceiling deadline on June 1.
Two meetings ended on Friday with no progress cited by either side and with negotiators saying they were not sure when fresh meetings would take place. There are less than two weeks before June 1, when the U.S. Treasury Department has warned that the federal government could be unable to pay all its debts. That would trigger a default that could cause chaos in financial markets and spike interest rates.
McCarthy has said that progress needed to be made on changing the "trajectory" of U.S. government deficit spending and rapidly rising debt. Republicans control the House by a thin margin, while Biden's Democrats have a thin Senate majority, making it difficult to strike a deal that would pass both chambers.
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