McCarthy put negotiations with the White House to avert a debt default on pause Saturday, saying talks will only continue once Biden returns from the G7 on Sunday. The House speaker accused Biden's negotiators of moving"backwards," while the White House called the GOP team's latest offer of being a"big step back" that would not reasonably pass the Senate.
The debt ceiling, or the top amount the federal government can borrow, will either need to be raised or abolished sometime next month to avert a default. Economists have long warned that such a default would wreak havoc on the economy. Treasury Secretary Janet Yellen says the United States will be unable to pay its bills by June 1.
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