Debt negotiations remain stalled despite new June 5 deadline

Meanwhile, President Joe Biden had left Washington Friday evening to spend the weekend at Camp David. White House negotiators working on his behalf continued communicating with House Republicans via phone and virtual meetings.

Earlier Saturday, Rep. Patrick McHenry (R-N.C.) told reporters that a deal is hours or days away. McCarthy declined to get more specific.

The California Republican said negotiators are working through “a number of different things.”

Earlier this week, GOP lawmakers and the White House were closing in on a tentative plan to cap spending for two years in exchange for lifting the debt ceiling for two years. New work requirements and energy permitting reforms have remained major sticking points in the talks.

Late Friday, Treasury Secretary Janet Yellen said the country would run out of funds by June 5, crystallizing the deadline facing Congress. Prior estimates said the country could default as early as June 1.

McCarthy said he has not spoken with Minority Leader Hakeem Jeffries in the last 24 hours and he reiterated that he would give lawmakers 72 hours to read the bill text before a vote. That pledge could complicate the timing for passage, given the Senate may also need a few days to pass a deal that hasn’t even been reached yet.