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Republican Debt-Ceiling Negotiators Walk Out of Meeting, Say White House ‘Unreasonable’

Published May 19, 2023 12:27PM ET
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© Bloomberg. WASHINGTON, DC - OCTOBER 20: A pedestrian walks past the U.S. Capitol on October 20, 2020 in Washington, DC. Senate Republicans are looking to hold a confirmation vote for Supreme Court nominee Amy Coney Barrett on Monday, October 26, approximately one week before the Presidential election.(Photo by Stefani Reynolds/Getty Images) Photographer: Stefani Reynolds/Getty Images
 
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(Bloomberg) -- House Speaker Kevin McCarthy’s top debt-ceiling negotiators abruptly left a closed-door meeting with White House representatives soon after it began Friday morning, throwing into doubt the status of talks to avoid a US default. 

“Look, they’re just unreasonable,” Republican Representative Garret Graves said, adding that the talks were on a “pause.” 

See reaction: Treasuries Pare Losses After Report on Debt Negotiations

Graves said he did not know if the negotiators would meet again Friday or over the weekend. White House spokespeople didn’t immediately comment.

Stocks slumped on the news, which countered any lift they might otherwise have received from remarks from Federal Reserve Chair Jerome Powell. The Fed chief said at a Friday event that policymakers might not need to raise interest rates as high, thanks to tightening credit conditions. The S&P 500 was down 0.4% as of 11:41 a.m., after being up 0.4% earlier.

“Unless they are willing to have reasonable conversations about how you can actually move forward and do the right thing, we’re not going to sit here and talk to ourselves,” Graves said, as House Financial Services Committee Chairman Patrick McHenry stood near him.

Senate Republican Leader Mitch McConnell meanwhile tweeted that it is “past time for the White House to get serious. Time is of the essence.”

Graves’ comments come a day after McCarthy said he could see a deal coming together with a House vote next week. 

McCarthy’s comments Thursday were his most positive take yet on the negotiations to avoid a default, which Treasury Secretary Janet Yellen has signaled could become a risk as soon as June 1.

Market participants have warned of a surge in borrowing costs and blow to equities in the event of any default, with reverberations to the global economy that could rival the 2008 crash.

Republicans have been pressing for sweeping spending cuts, along with regulatory changes that Democrats have opposed. The months-long impasse between the two sides since the Treasury hit the debt limit in January has prompted increasing warnings from economists of a damaging recession if the brinkmanship continues to escalate.

Republican Debt-Ceiling Negotiators Walk Out of Meeting, Say White House ‘Unreasonable’
 

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Comments (34)
Tony Barnes
Tony Barnes May 21, 2023 5:55PM ET
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The politicians like the spotlight and drama. The debt ceiling will definitely be increased on time.
Jimmy Doodoo
JimmyD May 21, 2023 12:54AM ET
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Let's go Brandon!
Carl Tom
Carl Tom May 21, 2023 12:54AM ET
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now that's what I'm talking about
Tre Hsi
Tre Hsi May 21, 2023 12:54AM ET
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"Let's go Brandon!"  -- that's like the GOP policy platform these days, just say no to everything, and Let's go Brandon....
Raymond Pasillas
Raymond Pasillas May 19, 2023 10:56PM ET
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The democrats will not give. They live free money.
Jimmy Doodoo
JimmyD May 19, 2023 10:56PM ET
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They better, or they will force us to default.
Tre Hsi
Tre Hsi May 19, 2023 10:56PM ET
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Jimmy Doodoo  urrr, you do know it's the GOP in the House that's insisting on not raising the debt limit.....but it's Democrats fault if the debt limit isn't raised and US govt default, go figure
Mark Jannetty
Mark Jannetty May 19, 2023 10:56PM ET
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do you know the GOP already passed a bill that increases the debt ceiling? the democrats are the ones holding it up
Co Gonz
Co Gonz May 19, 2023 10:56PM ET
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Tre Hsi yes, it’s the democrats fault because they want to add things that aren’t needed. More money for illegals and transgender initiatives.. everyone of your comments is misinformation- do you even read your own news or dig into what they’re arguing about
Scott Armel
Scott Armel May 19, 2023 5:56PM ET
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love a good cat fight
Carl Tom
Carl Tom May 19, 2023 5:56PM ET
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Brandon Wins
rob finch
rob finch May 19, 2023 4:38PM ET
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democrats won't talk business till the very last minute. then they will claim it's a big emergency and we have no time to negotiate.
First Last
First Last May 19, 2023 4:38PM ET
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The Republicans left the table.
Tre Hsi
Tre Hsi May 19, 2023 4:38PM ET
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funny the republicans cared so much about national debt yet they let Trump added $8T in four years, but now for some reason it's Biden who must cut spending, go figure
Co Gonz
Co Gonz May 19, 2023 4:38PM ET
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Tre Hsi cnn talking points- now i see why the misinformation.. i bet you were so happy to get covid checks but now you’re complaining. You’re either very manipulative and try to confuse people by leaving out information or just bery misinformed
Jay Garrelts
Jay Garrelts May 19, 2023 4:00PM ET
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Both sides garbage
Benjamin USA
Benjamin USA May 19, 2023 3:36PM ET
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Spend and spend republicans terrorists
Co Gonz
Co Gonz May 19, 2023 3:36PM ET
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Yea sure, said the party that burned cities down and attack innocent people in cars while looting businesses
Benjamin USA
Benjamin USA May 19, 2023 3:35PM ET
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Right wing extremists are going to terrorize.
rob finch
rob finch May 19, 2023 3:35PM ET
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since when is balancing a budget extreme terrorism?
Brad Albright
Brad Albright May 19, 2023 3:35PM ET
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There is no budget balancing go on. What are you? A maroon?
Tre Hsi
Tre Hsi May 19, 2023 3:35PM ET
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rob finch  the last time we had a balanced budget was, wait for it, Slick Willy Bubba, a democrat!  oh say it aint so!
Co Gonz
Co Gonz May 19, 2023 3:35PM ET
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Tre Hsi who was also wait for it, impeached
Don Getty
Don Getty May 19, 2023 3:32PM ET
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the GOP went in we want to screw the poor and the middle class - the President said no but we could pay for everything with a fair tax on the rich - what do you think - talks ended - GOP walked out, Biden is being unfair!
Jimmy Doodoo
JimmyD May 19, 2023 3:32PM ET
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I.d.i.o.t.
Joe Wiggs
Joe Wiggs May 19, 2023 2:59PM ET
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Debt ceiling talks between the White House and House Speaker Kevin McCarthy’s office have hit a snag, and negotiators have put a pause on the talksTranslation: Screw the America people. Let’s start the weekend early
 
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