The meeting Monday afternoon between the Democratic president and the new Republican speaker will be critical as they race to prevent a looming debt crisis.
, both men appeared upbeat as they face a deadline, as soon as June 1, when the government could run out of cash to pay its bills.
The contours of an agreement appear within reach, and the negotiations have narrowed on a 2024 budget year cap that would be key to resolving the standoff. Republicans have insisted next year's spending cannot be more than current 2023 levels, but Democrats have refused to accept the steeper cuts McCarthy's team first proposed.
McCarthy emerged from that conversation sounding optimistic and was careful not to criticize Biden's trip, as he had before. He did caution, "There’s no agreement on anything." A compromise on those topline spending levels would enable McCarthy to deliver for conservatives, while not being so severe that it would chase off the Democratic votes that would be needed in the divided Congress to pass any bill.
All sides have been eyeing the potential for the package to include a framework that would speed energy project developments.
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