White House press secretary Karine Jean-Pierre said Biden planned to be briefed on the negotiations by his team Friday evening. Biden had departed early from a Friday night dinner with G7 leaders in Hiroshima.
Still up for debate are policy changes, including a framework for permitting reforms to speed the development of energy projects, as well as the Republican push to impose work requirements on government aid recipients that Biden has been open to but the House Democratic leader Hakeem Jeffries has said was a “nonstarter.”
The internal political dynamics confronting the embattled McCarthy leaves the Democrats skeptical of giving away too much to the Republicans and driving off the Democratic support they will need to pass any compromise through Congress. Rep. Garret Graves, R-La., tapped by McCarthy to lead the talks, emerged from an hourlong session at the Capitol and said gaps remained between House Republicans and the Democratic administration.He added that the negotiations have become “just unreasonable” and that it was unclear when talks would resume.
The S&P 500 went from a gain of 0.3% to a loss of 0.1% and the Dow Jones Industrial Average went from a gain of 117 points to a loss of about 90 points.
Debt limit talks broke up late Friday at the U.S. Capitol shortly after resuming, another sudden turn of events in negotiations to avoid a potentially catastrophic government default that had come to an abrupt standstill earlier in the day.
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