you think? i think it would instantly spark a recession. i actually hope you may get breaking news soon but i hope this goes up to the 11th hour because the crisis is the only thing that s going to force bipartisan compromise. our debt has gone from $22 trillion in 2019 to $32 trillion now in a very short span and we need to go on a diet. the only way it seems to force a compromise is the need to lift the debt ceiling. so i hope this goes on for a bit so that we can put in place a spending cap. matt higgins, thanks so much. we ve got to cut this short because as i was just indicating, this just in to cnn. new reporting on the state of talks to avoid a debt default and an economic catastrophe. priscilla alvarez is at the white house for us and manu raju is on capitol hill. guys, are you with me?
criticism of what they think and what they hear is being negotiated in these conversations. their reaction upon reading this language when it is developed is going to be critical to getting this across the finish line in now less than a week. sahil, talk to us. we re six days out as allie just mentioned. we re looking at a memorial day weekend, right? business closed for monday. what is the expectation when it comes to deal making for folks on capitol hill over the weekend? mccarthy said he s staying through the weekend. his chief negotiator congressman garrett graves was around last night and spoke to us after a meeting. in terms of substance, they are simply not there yet. our understanding is that the two sides are moving closer on the issue of spending cap, which is the crux of this negotiation. but a source familiar with the negotiation tells me they re still stranded on the issue of work requirements with both sides dug in on whether they want to toughen up those work
Treasury Secretary Janet Yellen updates the date for a potential US debt default. Negotiators seek a bipartisan solution as the debt ceiling deadline approaches.
they would not negotiate any spending cuts, so how do you view it as any cut, any clawback of the covid funding, and any spending cap in place atf this, republicans? well, most republicans like most americans, they want to see the spending cuts, and if we could spend the freezing levels like 2022, like the original proposal, that is an agreement that most of the americans can get on. do we want to run off of the cliff at 80 miles per hour or 75 miles per hour? we have to hold both sides accountable for when they spend too much. this is one way to rein in spending that was started by democrats and republicans alike, and pointing the fingers across the aisle like hakeem jeffries just did, is not helpful. we have kevin mccarthy our leader to negotiate a dweel the
things are like now with the negotiations over the debt ceiling. republicans calling for rolling back spending to previous year s levels and writing a spending cap into law. democrats are saying the republicans are holding the economy hostage. you served in the house, what would you advise them to do? which side? i think the republicans have done exactly the right thing. kevin mccarthy was able to get the republicans to pass a bill 30 days ago, significantly changing the dynamics. many people, many advisers, many pundits and many folks inside the building, including a lot of republicans, didn t think it was possible for the republicans to pass a bill on their own to raise the debt ceiling. kevin was able to do that and change the dynamic. so advice to the republicans is, you folks have done what you need to do. the democrats, i think the advice would be, you folks need to decide, are you really going to dig in on this negotiation or is there going to be negotiation?