Deadline looming, Biden and McCarthy narrow in on budget deal to lift debt ceiling

hope to strike a budget compromise this weekend. With Republicans driving for steep cuts, the two sides have been unable to agree to spending levels for 2024 and 2025. Any deal would need to be a political compromise, with support from both Democrats and Republicans to pass the divided Congress.

McCarthy said, “It’s hard, but we’re working and we’re going to continue to work until we get this done.” Lawmakers are tentatively not expected back at work until Tuesday, just two days from the early June deadline when Treasury Secretary Janet Yellen has said the U.S. could start running out of cash to pay its bills and face a federal default.

The White House has offered to freeze next year’s 2024 spending at current levels and restrict 2025 spending, but the Republican leader says that’s not enough.One idea is to set those topline budget numbers but then add a “snap-back” provision that enforces the cuts if Congress is unable during its annual appropriations process to meet the new goals.

Pressure is bearing down on McCarthy from the House’s right flank not to give in to any deal, even if it means blowing past the June 1 deadline.McCarthy said Donald Trump, the former president who is again running for office, told him, “Make sure you get a good agreement.”

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