House Speaker Kevin McCarthy (R-Calif.) said debt ceiling discussions were "going a little better" Wednesday after negotiators from both sides met for several hours at the White House.
During an appearance on Fox Business, McCarthy reiterated that federal spending levels are still the major stumbling block for the White House and House Republicans.
McCarthy, who has pushed for 10-year budget caps on spending based on fiscal year 2022 levels, said any agreement he reaches with the White House will have caps and they are debating how long caps will last.
“I've been very clear. I will not put a bill on the floor that spends more money next year than this year," McCarthy said.
The speaker advised that if lawmakers are allowed to leave for Memorial Day Weekend, they will need to stay close to Washington in case they are needed for a vote on a deal.
The Treasury Department has warned that the government will not be able to pay its bills if the debt ceiling isn't lifted as early as June 1.
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