Republican negotiators walked out of key debt ceiling negotiations on Capitol Hill on Friday.

 

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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