There are signs that negotiations over raising the nation’s debt limit are gaining momentum, but major differences remain and it’s unclear how quickly an agreement could come together
With no bill to vote on, House lawmakers left Washington for the Memorial Day weekend and will be given 24 hours’ notice to return if and when a deal is reached. For now, White House and House GOP negotiators have yet to arrive at a consensus on an array of contentious issues. One of the most critical issues talks have revolved around is spending cuts, which Republicans have demanded in exchange for voting to raise the debt limit.
If and when a deal is secured, legislative text will still need to be written and congressional leaders will have to lock down votes and shepherd a bill to passage through both chambers. None of that will be easy or instantaneous and any number of pitfalls could emerge along the way. The stakes are only growing steadily higher as the US moves closer to a potential default with each passing day.
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