Democrats and Republicans continue to negotiate over the debt ceiling. After months of talks, the details of the agreement, which, according to Speaker Kevin McCarthy will leave the bases of both parties unhappy, have not been finalized. The speaker said on Saturday that he is confident they will solve the problem before the deadline, thus preventing the U.S. from defaulting for the first time in its history.
Treasury Secretary Janet Yellen threw a lifeline to Congress last Friday, May 26, when she extended the deadline for reaching a debt ceiling deal. The new deadline was set for June 5, allowing Democrats and Republicans more time to work out their positions.
McCarthy spoke briefly with reporters on Saturday and let them know that he is optimistic for an imminent debt ceiling deal. When asked directly if legislators will meet the new deadline, the spokesman did not hesitate and responded with an assertive "yes."
However, he made it clear that those who have advocated slightly more extreme positions on both sides of the aisle will not be very happy with the outcome of the negotiations. "Everybody won’t like what is the end of the agreement … on both sides. But … at the end of the day I think people should see what that product is before people vote on it," he said.
Democrats want to spend more and tax more.
Republicans are fighting to change that. It's really that simple. pic.twitter.com/Q56jPV3cAr
— Kevin McCarthy (@SpeakerMcCarthy) May 27, 2023
As for the final outcome of the negotiations, the Republican pledged to abide by the 72-hour rule, which gives lawmakers three full days to read legislation before a vote. He also added that he discussed the issue with Senate leaders, who also hope to solve the problem by June 5. Therefore, if they reach an agreement on Sunday, it could only be put to a vote on Wednesday.
Sinema and Manchin key to Senate debt ceiling deal
As previously reported by Voz Media, two senators are the Republicans' best hope in the Senate when it comes to the debt ceiling. McCarthy's team has been working with Kristen Sinema and Joe Manchin to get their perspectives on particular issues in the agreement.
"I know we talk to the White House often, but there are Democrats, from Joe Manchin, from Sinema, from Josh Gottheimer, and others. We gather ideas from them, too, when we’re trying to solve the problem. There are Democrats that are policy experts in certain areas that we’re dealing with, we want to get their [perspective], too" the speaker said.
"She's trying to play a constructive role and try to get people to the table and understand that we can't go over the brink on this," said Sen. John Thune (R-S.D.), who said he had discussed the issue with his two colleagues.
The West Virginia moderate had crossed Majority Leader Chuck Schumer (D-N.Y.) when Schumer claimed the Republican bill was already dead before it reached the Senate floor. "Manchin saying things like that is constructive and helpful. Hopefully helps his leadership realize ... a straight debt increase just is a nonstarter," Thune said earlier this month.
