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.
House Speaker Kevin McCarthy said Tuesday that there has been "no progress" in debt ceiling negotiations between House Republicans and the White House, as the U.S. inches closer to risking a first-ever default.
Congress periodically needs to lift the debt limit, the maximum amount the federal government is allowed to borrow, to cover spending obligations. The government often spends more money than it takes in from taxes, resulting in the deficit. House Republicans have refused to lift the debt ceiling without promises of spending cuts.The U.S. already hit its debt limit, forcing the Treasury to take so-called extraordinary measures to keep paying its bills.
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