Negotiations for a deal to raise the US debt ceiling and thereby avoid a default with potentially catastrophic consequences for the world economy resumed Friday after a brief impasse.
Kevin McCarthy, the House speaker, said that Republicans would continue the bipartisan talks with the White House, hours after negotiations had come to an abrupt stop on Friday.
“We’ll be back in the room tonight,” McCarthy said in an interview on Fox Business. A White House official also confirmed the talks were resuming.
Representatives for both Biden and McCarthy were seen entering a Capitol conference room shortly after the House speaker’s comments.
Earlier in the day, Garret Graves of Louisiana, the lead negotiator for House Republicans in talks with the Biden White House, had told reporters at the Capitol: “We’re not there.”
“We’ve decided to press pause, because it’s just not productive.”
The impasse had rattled financial markets with the deadline ticking closer to avoid default.
The treasury secretary, Janet Yellen, has said that without action the US government will cease to be able to pay its debts on or around 1 June.
Joe Biden is away at the G7 summit in Japan. White House officials were leading talks for Democrats.
One told the Guardian: “There are real differences between the parties on budget issues and talks will be difficult. The president’s team is working hard towards a reasonable bipartisan solution that can pass the House and the Senate.”
