As the country inches closer to default, House Speaker Kevin McCarthy is hopeful progress can be made soon and still believes they can get a deal before June 1 deadline to raise the debt ceiling.
The White House negotiators and McCarthy’s negotiators met for a little over two hours on Tuesday afternoon in what the speaker described as a “good” talk, but they still have things they need to iron out.
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“They gotta go back, be a little more creative, look at some other ways for some numbers and some challenges that we have,” the speaker said. “We got to spend less money than was spent this year. That's the criteria. We can talk about all different areas that we can do it.”
With the negotiations encroaching on the deadline, Rep. Tom Cole (R-OK) said he is worried about the possibility of default. Cole, a senior appropriator and chairman of the House Rules Committee, said he is worried lack of urgency from the White House.
“Who's playing brinksmanship? Who's being cavalier? I don't think it's been us,” Cole told reporters. “So, I worry they will, I'm not worried our side will miscalculate. I am worried the president's side will miscalculate.”
Even with the fears, McCarthy said he still believes they can get a deal before June 1. While he declined to go into specifics about what the negotiators are discussing, he said there is a “will to find a way” to avoid default on both sides.
One of McCarthy’s negotiators, Rep. Patrick McHenry (R-NC), said there are still “significant disagreements” between the two parties, and he is no more confident about coming to a deal following this afternoon’s meetings.
“We're centering in on how to resolve big issues. And it gets more difficult and more important with each meeting,” McHenry said as he left the Capitol Monday night.
McHenry also said he firmly believes Treasury Secretary Janet Yellen when she says June 1 is the deadline to raise the debt ceiling.
The topline disagreement is on spending, which is “not something that is easily on a give and takes,” McHenry said. There is a lot of give and take when they’re discussing policy and trying to come to an agreement, but it’s much harder when it comes to funding the government, he said.
Rep. Garret Graves (R-LA), McCarthy's chief negotiator, said there has been "substantial progress" on a number of the issues holding up the negotiations and they have a better understanding of each other's redlines. Still, spending and work requirements are two of the main items holding up the negotiations.
"There's some areas where I think we're very close," Graves said. "But just keep in mind that the number of things that we're negotiating here, I mean, this, this has to do with trillions of dollars."
Graves and McHenry declined to get into the specific areas where the two sides are making progress.
It is still unclear if the House will work through the weekend or cancel its Memorial Day recess. McCarthy said the House would “stay and do its job,” but he will gauge whether or not to cancel the recess or have his members stay the weekend based on where the debt ceiling meetings are and how the members feel.
"If I was looking at a crystal ball right now, I would encourage members to go home on Thursday when we finish up but also tell them that you're gonna be back," Graves said.
According to House rules, a bill must have 72 hours before it can be heard on the floor so members can read it. McCarthy has said he won’t waiver on this rule which makes the issue of coming to an agreement sooner rather than in the eleventh hour all the more pressing.
“Remember, if you ever do get to that agreement, you got to write the bill and others,” McCarthy said. “I would have, depending on where we are at that moment, have them come home and come back.”
Again, McCarthy ruled out a short-term debt ceiling increase if there is no deal by June 1, saying he doesn’t think it would be beneficial and would only kick the can down the road.
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His negotiators concur, even with the tight time frame to get a deal done. McHenry said whenever they come to a deal, it would probably take 24 to 48 hours to write the bill, and then once they file it, the 72-hour clock will begin to tick.
"We're committed to continuing to negotiate to get to a place to where we change the trajectory of spending and debts in this country. Long term," Graves said. "We're committed. We will stay here all day and night to do that."