McCarthy on Biden debt update: 'They want a default more than a deal'
A deal is expected to be reached this weekend, according to the House Speaker, who insinuated that the Biden administration
When asked by reporters about any updates regarding the debt ceiling issue, US President Joe Biden confirmed on Monday that after talks with Congressional leaders, no deal was reached.
"No," Biden said, with House Speaker Kevin McCarthy separately saying to CNN that they are still "far apart" in the talks, adding that it "seems like they want a default more than a deal."
According to McCarthy, a deal should be reached this weekend in an attempt "to have a timeline to be able to pass it in both houses."
This follows after Biden told his press pool on Saturday that talks were "moving along" but are "not there yet."
The White House and Republicans in Congress have been locked in a dispute on a deal that would avert an unprecedented national default as early as June.
Read next: White House warns of grave consequences if US defaults on its debt
US Treasury Secretary Janet Yellen warned Congress through ABC News last week that failing to resolve the debt ceiling issue on their part might create a "constitutional crisis" and send out a ripple effect across the financial markets.
"I don't want to consider emergency options. What's important is that members of Congress recognize what their responsibility is," she added.
Biden said earlier this month that he might not attend the G7 summit for presidents next week if the debt ceiling issue is not resolved by then.
🚨 BREAKING 🚨 House Republicans just passed the only plan in Washington that— Kevin McCarthy (@SpeakerMcCarthy) April 26, 2023
1. Lifts the debt ceiling
2. Stops wasteful spending and inflation
3. Puts America back on track
Now Democrats should do their job.
Tune in for my press conference soon https://t.co/vmn31INPH5
The Republican bill to increase the debt limit and cut down on government spending was recently passed after a narrow 217-215 vote in the US House of Representatives - a major win for Republican US House Speaker Kevin McCarthy - but seems to be a struggle at the moment.
His proposal included raising the US debt limit by $1.5 trillion to avert the default of the world's biggest economy.
Senators have reiterated their call for Biden to negotiate the debt ceiling with McCarthy; calling on him to stop "playing Russian roulette" with the American economy.