Democrats and Republicans agreed on Tuesday afternoon to follow a new structure for their ongoing debt ceiling talks. While an agreement on the approach has been reached, little headway has been made with regard to the deal that they are seeking to conclude in an effort to avoid a potential default on June 1.
“We’ve got a lot of work to do in a short amount of time,” House Speaker Kevin McCarthy admitted, before adding, “It’s possible to get a deal by the end of the week.”
Now, the debt ceiling talks with be handled by a smaller group of White House officials; a move that is expected to result in less room for friction and a more easily organized process.
In response to the approaching deadline, the White House decided to cut short President Joe Biden’s upcoming trip to Japan, Papua New Guinea, and Australia, canceling the latter two stops. Biden will stop in Hiroshima for a G7 meeting, leaving on Thursday before returning on Sunday so as to be present for the discussions in Congress.