McCarthy, Graves Signal Impasse in White House Debt Talks

Source: Yahoo! Finance

“Speaker Kevin McCarthy left the US Capitol late Tuesday afternoon saying the two parties had yet to reach a deal to avert a first-ever US default, and a top lieutenant said there are no more meetings planned. Republican Representative Garret Graves, one of McCarthy’s chief negotiators, suggested just hours after a two-hour meeting in the Capitol with his White House counterparts that the two sides were at a standoff. ‘Bottom line is that we’re going to have to see some movement or some fundamental change in what they’re doing,’ Graves said of the White House negotiating team. ‘Right now, we don’t have additional meetings set up.’ … The impasse increases the likelihood the House and Senate would both have to vote on any deal next week, mere hours before June 1, the date by which Treasury Secretary Janet Yellen has said the US could run out of cash to pay its bills.” (05/24/23)