Last Updated:

US Debt Ceiling Negotiations 'very Far Apart' As Deadline Nears: Kevin McCarthy

A consensus on tense debt ceiling talks in the United States could be "very far away," House Speaker Kevin McCarthy said at a conference on Tuesday.

US News
| Written By
Deeksha Sharma
Kevin McCarthy

Image: AP

A consensus on tense debt limit talks in the United States could be "very far away," according to House Speaker Kevin McCarthy. Speaking to reporters on Tuesday after discussing the issue with President Joe Biden, McCarthy said striking the debt ceiling deal towards the end of this week was "possible," but negotiations still remain "very far apart."

According to Sputnik, the Speaker confirmed that the nearly one-hour meeting with POTUS  was "productive," even though they failed to reach a conclusion. "It is possible to get a deal by the end of the week. It's not that difficult. I think we set the stage to carry on further conversations," he said. 

'We really only have 15 days, really, to go. We've got to find a way that we can curb our spending, raise our debt limit and also grow our economy," he added in a news conference after the talks. He also revealed that Biden had told some of his staffers to conduct negotiations with his team on a regular basis, a move perceived as "productive" by the House Speaker. 

Janet Yellen gives grave warning on the debt crisis 

McCarthy's thoughts on the issue were echoed by Biden himself, who said in a statement released by the White House that he was "optimistic" that there is "a path to a responsible, bipartisan budget agreement if both sides negotiate in good faith and recognize that neither side will get everything it wants."

For now, it is unclear if there is a ray of hope to the debt debacle. Amidst speculations, Treasury Secretary Janet Yellen continues to sound alarm, warning that the government could default as soon as June if the ceiling fails to be raised. "We will start to run down our cash and our current projection is that in early June a day will come when we’re unable to pay our bills unless Congress raises the debt ceiling," she said earlier this month. 

First Published: