Debt limit talks start, stop as Republicans, White House face 'serious differences'

Debt limit talks between the White House and House Republicans stopped, started and stopped again at the U.S. Capitol, a dizzying series of events in high-stakes negotiations to avoid a federal default.

Debt limit talks between the White House and House Republicans stopped, started and stopped again on May 19 at the U.S. Capitol, a dizzying series of events in high-stakes negotiations to avoid a potentially catastrophic federal default.

President Joe Biden’s administration is reaching for a deal with Republicans led by House Speaker Kevin McCarthy as the nation faces a deadline as soon as June 1 to raise the country's borrowing limit, now at $31 trillion, to keep paying the nation’s bills. Republicans are demanding steep spending cuts the Democrats oppose.

Negotiations came to an abrupt standstill earlier in the day when Mr. McCarthy said it’s time to “pause” talks. But the negotiating teams convened again in the evening only to quickly call it quits for the night.

Mr. Biden, attending the Group of Seven summit in Japan, continued to express optimism that an agreement will be reached, saying that negotiating happens “in stages.”

“I still believe we'll be able to avoid a default and get something done,” he said.

His press secretary, Karine Jean-Pierre, earlier had acknowledged the difficulty of the talks.

“There’s no question we have serious differences," she said, without outlining any of them.