US House Speaker Kevin McCarthy said on Tuesday that negotiators remain “far apart” on a deal to raise the federal government’s debt ceiling, casting doubt on whether Congress can pass a measure before a looming deadline.
McCarthy, the House’s top-ranking Republican, said there is still “a lot of work” to be done before Congress can agree on a measure to raise the debt limit before the deadline of September 30. The government has been operating under a temporary debt limit suspension since March, allowing it to borrow as necessary and avoid a default.
McCarthy said he is hopeful a deal can be reached, but that negotiators have yet to reach an agreement on how to fund the government and reduce the deficit.
“We’re still far apart on a deal,” McCarthy said during a press conference. “We’re trying to get to a place of common ground.”
Negotiators have been struggling to reach a deal on the debt ceiling since last month, when the White House threatened to veto a House Republican budget proposal that included a one-year extension of the debt limit.
Lawmakers have until the end of the month to reach an agreement or risk a government shutdown and potential default on the nation’s debt.