House Speaker Kevin McCarthy said Friday negotiators “made progress” on an agreement with the White House to raise the debt limit as they race to close out a deal ahead of a looming deadline to avert a potentially catastrophic default.
McCarthy told reporters at the Capitol that there is still more work to do.
The two sides are narrowing on a two-year agreement that would curb federal spending and lift the borrowing limit ahead of a deadline as soon as June 1 when Treasury could run out of money to pay the nation’s bills.
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