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Bill Clark | CQ-Roll Call, Inc. | Getty Images"Speaker McCarthy should pull this bad bill down. Roy and Bishop weren't the only far-right conservatives who implicitly threatened to unseat McCarthy as House speaker if the debt limit bill passed. Under new rules this year, a single Republican lawmaker can bring a no-confidence vote on McCarthy to the floor. But progressive leaders in the House stopped short of urging their like-minded members to oppose the bill. The message from the White House was similarly low-key, with an emphasis on the GOP asks that were not in the bill.

WASHINGTON — President Joe Biden said he was "very optimistic" on Friday about reaching a compromise deal with House Republicans to raise the debt ceiling before a June 5 deadline announced earlier in the day. "I hope we'll have some clear evidence tonight, before the clock strikes twelve, that we have a deal," Biden told reporters on the South Lawn of the White House shortly after 6:00 p.m. White House and congressional negotiators were closing in on a deal to raise the debt ceiling for two years, officials familiar with the negotiations told CNBC earlier in the day Friday. "I'm hopeful we'll know by tonight whether we are going to be able to have a deal," Biden said. Under a proposal that was on the table Friday, House Republicans would achieve at least two of their highest priorities in exchange for voting to raise the debt ceiling.

Persons: Joe Biden, Biden, hadn't, Janet Yellen, Garret Graves of Organizations: WASHINGTON, House Republicans, CNBC, Republican, Capitol, Treasury, Republicans, Internal Revenue Service, Pentagon Locations: White, U.S, Garret Graves of Louisiana

WASHINGTON — Urgent talks to raise the U.S. debt ceiling appeared to move closer to a deal Thursday, with only seven days to go before the United States faces an imminent threat of debt default. But negotiators warned that the final phase of talks would likely be the most delicate and difficult for both sides. "We're at a sensitive phase, with sensitive issues that remain. "They've got work in the White House, we have work here in the Capitol. Read more: What Republicans want in exchange for raising the debt limitAt the White House, President Joe Biden sounded a cautiously optimistic note.

Persons: Garret Graves, Patrick McHenry, we've, McHenry, They've, Read, Joe Biden Organizations: Republicans, Capitol Hill Club, WASHINGTON, Republican, White House, White Locations: R, Washington, United States, North Carolina

WASHINGTON — House Speaker Kevin McCarthy said Wednesday that negotiations over raising the U.S. debt limit were progressing toward a deal despite disagreements over spending, with only eight days before the government could face an unprecedented default. Fitch Ratings, one of the big three ratings agencies, placed the United States' triple-A status on "rating watch negative." The warning came after McCarthy projected hope that negotiators would reach a deal in time to avoid default. The decision to let members fly home for the week is a tacit acknowledgment by House leadership that a deal to raise the debt ceiling does not appear to be imminent. Debt ceiling-related stress was affecting Treasury markets in particular, Yellen said at a Wall Street Journal event.

Persons: Kevin McCarthy, Fitch, McCarthy, Steve Scalise, Joe, Biden, Janet Yellen, Yellen Organizations: WASHINGTON, Fitch, Fox Business, White, Treasury, Republican, Democratic, Capitol Locations: United States, Washington, U.S

But attendees said they made progress, including through an agreement to turn the multilateral debt limit negotiations into direct one-to-one talks between a close ally of House Speaker Kevin McCarthy and two White House aides, on Biden's behalf. The White House said Biden "directed staff to continue to meet daily on outstanding issues. It was "a good and productive meeting," said Senate Majority Leader Chuck Schumer, D-N.Y., who noted that it was "more cordial" than a previous meeting last week. The White House also said Tuesday that it would cancel the second leg of the president's upcoming international trip, given the delicate state of the debt ceiling negotiations. His return will set up a critical stretch in the efforts to avoid a first-ever default on U.S. debt and prevent major economic damage.

WASHINGTON — Failure to raise the U.S. debt ceiling would cause an "economic catastrophe," Treasury Secretary Janet Yellen said Monday. Yellen's comments came as a political stalemate over raising the debt limit was forcing the Treasury Department dangerously close to a worst-case scenario: a potential U.S. debt default. This would occur if Treasury were to exhaust the extraordinary measures it implemented earlier this year to meet its obligations after the U.S. reached its statutory debt limit of $31.4 trillion. In order to avoid a default on the nation's debt, Congress must vote to either raise or suspend the debt limit before Treasury runs out of emergency funding. "There's a very big gap between where the president is and where the Republicans are" on raising the debt ceiling, Yellen said.

Coordinator for Strategic Communications at the National Security Council John Kirby speaks during the daily press briefing at the White House February 13, 2023 in Washington, DC. "We have not yet been able to definitively assess what these most recent objects are," John Kirby, a spokesman for the National Security Council, said at a White House briefing. Each of the three crafts was the size of a small car and was floating on prevailing winds. It was cylindrical and had been floating at around 40,000 feet in altitude, Kirby said, posing a threat to civilian aircraft. That craft was similar in size, shape and flight altitude to the one that was shot down Friday, Kirby said.

WASHINGTON — The U.S. military shot down a "high altitude object" in American airspace off the coast of Alaska on Friday, the White House announced, less than a week after a similar object was shot down off the coast of South Carolina. "We're calling this an object because that's the best description we have right now," said White House spokesman John Kirby, adding "we don't know what entity owns this object." The spy balloon shot down this past weekend was approximately the size of three school buses, according to Pentagon officials. The latest incident differed significantly from the previous high-altitude balloon in that this object was shot down within hours of its detection. The larger, previous balloon was permitted to float across the United States for a week.

U.S. President Joe Biden speaks during a State of the Union address at the U.S. Capitol in Washington, D.C., U.S., on Tuesday, March 1, 2022. U.S. President Joe Biden will face a divided Congress and stubbornly high inflation when he delivers the annual State of the Union address later Tuesday night. Despite record job growth and new data indicating that inflation is slowing, Americans remain deeply pessimistic about the state of the economy. Biden will address the U.S.-China relationship in the speech, but he will not announce new retaliatory actions against Beijing over the balloon, White House aides told NBC News. Following Biden's address, Arkansas Republican Gov.

WASHINGTON — House Speaker Kevin McCarthy said he had a "very good discussion" with President Joe Biden at the White House on Wednesday about the looming debt ceiling and federal spending. The White House readout of the meeting reflected McCarthy's sentiments, stating the two had a "frank and straightforward dialogue" as part of an ongoing conversation. "It is their shared duty not to allow an unprecedented and economically catastrophic default," the White House statement read. The House speaker later said the meeting had gone better than he expected. The White House said the president agrees that addressing the national debt is a priority, but it should be a separate conversation.

House Republican leader Kevin McCarthy speaks to reporters following a meeting with U.S. President Joe Biden and other congressional leaders at the White House in Washington, U.S., November 29, 2022. But while McCarthy says he is preparing for a negotiation, the White House is battening down the hatches for a fight. A White House memo circulated Tuesday sought to portray the 3:15 p.m. McCarthy has consistently said cuts to the popular Social Security and Medicare programs are "off the table" in any debt ceiling talks. It's a promise that, if made, would effectively strip McCarthy of any leverage he has in the debt ceiling process.

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