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.” Biden will also be away this weekend, departing Friday for the presidential retreat at Camp David, Maryland, and Sunday for his home in Wilmington, Delaware. The Senate is on recess and will return after Memorial Day. warning of a possible downgrade.

On work requirements for the aid recipients, the White House is particularly resisting measures that would drive Americans into poverty or take their health care, said the person familiar with the talks, who was granted anonymity to describe behind-closed-door discussions. Failure to raise the nation’s debt ceiling, now at $31 trillion, to pay America’s already incurred bills would risk a potentially chaotic federal default. Anxious retirees and social service groups are among those already Even if negotiators strike a deal in coming days, McCarthy has promised lawmakers he will abide by the rule to post any bill for 72 hours before voting — now likely Tuesday or even Wednesday.

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