Amid a growing rift, no deal has yet been achieved to avert the expected economic crisis.
House Speaker Kevin McCarthy said Friday that Republicans have paused crunch US debt default talks less than two weeks before a potentially catastrophic default, citing a lack of movement from Democrats.
“We’ve got to pause,” the Republican leader told journalists in Congress, adding, “We can’t be spending any more money next year.”
Negotiators for President Joe Biden have been meeting with Republicans in an attempt to reach an agreement on raising the US borrowing limit and allowing the country to pay its existing debts.
Republicans continue to insist that Biden agrees to spend cutbacks in exchange for their support for raising the debt ceiling, despite Democratic requests for a “clean” rise in the borrowing limit with no strings attached.
Democrats have framed the talks as a chance to tackle the upcoming budget ahead of June 1, when the Treasury foresees that the United States could start defaulting on its debts if Congress does not act.
The White House indicated on Friday that serious disagreements between the two parties over the budget persisted.
“There are real differences between the parties on budget issues and talks will be difficult,” a White House official said in a statement, adding, “The President’s team is working hard towards a reasonable bipartisan solution that can pass the House and the Senate.”
Joe Biden, who is in Japan for the G7 summit of international leaders, is cutting his trip short and coming to Washington on Sunday to attempt to reach an agreement.
This article was originally published bu Al Mayadeen English.