#GOP negotiator: Debt deal could take ‘hours — or days’

A top Republican negotiating with the White House on a debt-ceiling deal said Saturday that “a narrow set” of sticking points have prevented the sides from reaching an agreement, and it’s unclear if those issues will be resolved quickly or require talks to continue through the holiday weekend. 

Heading into the Speaker’s office in the Capitol, Rep. Patrick McHenry (R-N.C.) said the final slog has been more complicated than he anticipated, as both sides have dug in on issues like work requirements for public assistance programs. And a deal could be imminent — or not. 

“We’ve had a long list for a long time; what I didn’t anticipate is we’d have a very short list for a very long time,” he said. “It’s hours, or days. And I don’t know [which].” 

Saturday marks Day 11 of the tense talks pitting Speaker Kevin McCarthy (R-Calif.) and his deputies against the White House negotiators appointed by President Biden. Earlier in the week, the sides appeared to be nearing a deal on the contours of an agreement that would lift the debt ceiling for two years and cap federal spending over the same span.

But conservatives and liberals have both balked at those terms, putting pressure on McCarthy and Biden to hold the line and remain at the table in search of deeper concessions from the other side. 

McHenry on Saturday said the interconnected nature of the various provisions means that nothing is agreed to until everything is. 

“Nothing is done,” he said. “The interplay between all the issues on the table makes even a short list more complex, because we’ve tried to balance this in a smart way, recognizing that a Democrat president has to sign this thing.”

The chief goal for Republicans, he said, remains the same as it has been: To cut deficit spending over the long haul.

“The issue of spending, and the ability to have real cuts year over year, truly matters in this situation,” he said.

McHenry, who said he was up until 2:30 a.m. Saturday morning in search of a deal, said both sides are acting in good faith and want to see an agreement finalized soon. 

“Even tired, nobody’s trying to have a break-up conversation, because we know the imperative is to meet the X-date,” he said. “Now, that doesn’t mean we’re itchy for a deal in any way. But it means we need this to be good and resilient.” 

They don’t have much time to get it done. 

Treasury Secretary Janet Yellen intensified the pressure on negotiators on Friday, when she announced that the government would run short of the funds to pay down all of its obligations on June 5 — the first hard deadline she’s given amid the debate.

“This clarifies that our timeline is very tight,” McHenry said. “The updated X-date is a strong indication that June 5 is the day. We have public outlays that are public, and the large public outlays of that day indicate that it’s a severe issue.” 

Complicating the timeline, Sen. Mike Lee (R-Utah) has vowed to stall the legislation if and when it reaches the upper chamber, which puts pressure on the House to move a bill even more quickly. 

On top of that, McCarthy had agreed to rule changes at the start of the year dictating that any legislation must be introduced a full 72 hours before it hits the floor, to allow lawmakers the time to read and digest its contents before they’re asked to vote. 

House Republicans have already violated that rule this year, in passing their partisan debt-ceiling package last month. But McCarthy has vowed the rule will apply to whatever deal emerges from the current talks — and McHenry said Republicans will stick with that promise.

That means the final legislative text must be written and posted, he said, before the 72-hour clock starts. A simple summary won’t do. 

“You have to have text,” McHenry said. “The Speaker’s made it clear — he made it clear at the very beginning with the White House, he’s made it very clear to us — he is not going to give in on an important procedural matter to House Republicans. 

“This is an important piece of legislation, and members have demanded — and have the right — to review the legislation for 72 hours,” he added. “That means you have to have something that stands up; you can’t play tricks; there is no hiding the ball.”