Top House negotiator on debt limit says it's time to 'press pause' as talks come to standstill
The Rotunda of the U.S. Capitol Building is seen with a statue of George Washington in the foreground, on May 17, 2023. A top debt ceiling negotiator for House Speaker Kevin McCarthy said Friday it's time to "press pause" on talks as negotiations with the White House came to an abrupt standstill at the Capitol.
Wall Street turned lower as talks on raising the nation's debt limit came to a sudden halt, raising worries that the country could edge closer to risking a highly damaging default on U.S. government debt. The S&P 500 went from a gain of 0.3% to a loss of 0.1% and the Dow Jones Industrial Average went from a gain of 117 points to a loss of about 90 points. Markets had been rising this week on hopes of a deal.
Biden departed early from a dinner with G7 leaders in Hiroshima on Friday night. White House press secretary Karine Jean-Pierre said Biden planned to be briefed on the negotiations by his team Friday evening.Another Republican negotiator, Rep. Patrick McHenry of North Carolina, said, "There is a "serious gap" between the sides.
McCarthy faces pressures from his hard-right flank to cut the strongest deal possible for Republicans, and he risks a threat to his leadership as speaker if he fails to deliver.
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