House Speaker Kevin McCarthy told CNBC’s “Squawk Box” there has been “no progress” in debt ceiling negotiations between House Republicans and the White House.KEY POINTS
- “We’ve made no progress” on debt ceiling talks, House Speaker Kevin McCarthy said. “I’m always an optimist. I’m not now.”
- Congress periodically needs to lift the debt limit, the maximum amount the federal government is allowed to borrow, to cover spending obligations. House Republicans have refused to lift the ceiling without promises of spending cuts.
- The White House has taken the position that while spending cuts need to be made, it will not negotiate on the debt ceiling and expects Republicans to lift the limit.