| Republican negotiators walked out of key debt ceiling negotiations on Capitol Hill on Friday. Rep.
Garret Graves (R-LA), who is representing the GOP in the negotiations,
accused Democrats of failing to make the concessions necessary for the
Republicans to agree to a bipartisan debt ceiling deal. - After the meeting ended, the White House released a statement saying:
- "There are real differences between the parties on budget issues, and talks will be difficult."
- Republicans seek to add work requirements
to federal social services programs while cutting funding allocated by
the Biden-backed Inflation Reduction Act passed last year.
- Any debt ceiling deal must pass in the GOP-controlled House of Representatives and the Democrat-controlled Senate.
- House Speaker Kevin McCarthy (R-CA) said the talks had been paused.
- Financial
markets fell on the news after rising earlier this week following
promising signals sent by leaders in both parties about progress in the
negotiations.
- McCarthy and President Biden said they expected a deal to be done before June 1 earlier this week.
- Treasury Secretary Janet Yellen has said that the U.S. government can run out of money to pay its bills as soon as June 1.
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