McCarthy: Debt Ceiling Talks ‘Made Progress’ Overnight

House Speaker Kevin McCarthy (R-Calif.) said Thursday morning that negations between House Republicans and the White House on a debt ceiling deal “made progress” overnight as they rush against a June 1 deadline.

“I think we made progress yesterday,” McCarthy said to reporters as he entered the Capitol Thursday. “We worked well past midnight last night.”

House members are set to leave Washington later Thursday for Memorial Day weekend, but McCarthy has told lawmakers to be ready to return within 24 hours in case a deal is struck.

“Every hour matters,” McCarthy said.

The U.S. is set to hit its debt ceiling as early as June 1, a deadline that some Republicans this week have called into question. McCarthy said he takes that date as the deadline.

House Foreign Affairs Committee chair Mike McCaul (R-Texas) said that a debt ceiling deal “could be cut as early as tomorrow” during an interview Thursday morning.

“I think we’re getting very close,” McCaul told CNN. “It’s really down to details at this point.”

According to McCaul, the remaining points of contention are unspent COVID funding and whether spending should be capped at 2023 or 2022 levels.