Debt limit talks came to an abrupt standstill after Republican House Speaker Kevin McCarthy said it’s time to “pause' negotiations.
During a press conference on Thursday, Senator Bernie Sanders and other democratic leaders called on President Biden to invoke the 14th amendment. This comes as the debt ceiling deadline looms and a decision hasn't been made yet.
FILE - Rep. Patrick McHenry, R-N.C., is seen after a meeting of the House Republican Conference on Tuesday, April 18, 2023. Negotiators met for a third day behind closed doors at the Capitol with hopes of settling on an agreement this weekend before possible House votes next week. They face a looming deadline as soon as June 1 when the Treasury Department has said it will run out of cash to pay the government’s incurred debt.
But McCarthy is facing a hard-right flank of Freedom Caucus and other Republican lawmakers that almost certain to oppose any deal with the White House.The internal political dynamics confronting the embattled McCarthy leaves the Democrats skeptical of giving away too much to the Republicans that drives away the Democratic support they will need to pass any compromise through the Congress.
The S&P 500 went from a gain of 0.3% to a loss of 0.1% and the Dow Jones Industrial Average went from a gain of 117 points to a loss of about 90 points. Another Republican negotiator, Rep. Patrick McHenry of North Carolina, said, "There is a "serious gap" between the sides.
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