White House, GOP Float Deal to Raise Debt Limit Through 2024

The White House and House Republicans are weighing a deal that would raise the country’s debt limit through 2024, a source familiar with the negotiations confirmed to The Messenger.

The terms of the potential deal, which were first reported by Punchbowl News, would incentivize Congress to pass annual spending bills. Overall spending levels and other details have yet to be agreed to. Reuters reported that the two sides were $70 billion apart on discretionary spending.

Any deal between the White House and GOP leadership would then have to pass both chambers, as a June 1 deadline on the debt limit looms.

McCarthy and other Republican leaders have remained vague when addressing how they plan to get a bill through the House on time for it to pass the Senate and be signed by President Joe Biden. Rep. Patrick McHenry (R-N.C.), one of the House GOP's negotiators, has said it would up to take two days to write the legislation and McCarthy is allowing lawmakers 72 hours to review the bill.

Lawmakers started to leave Washington on Thursday for Memorial Day weekend, with McCarthy telling members to be prepared to return within 24 hours.

McCarthy said Thursday that debt limit negotiations “made progress” overnight, while Biden called the talks "productive."

Conservative pushback

A potential compromise with White House is already facing backlash from some Republican lawmakers. Rep. Chip Roy (R-Texas) told reporters that he would not approve of a deal that eliminates a number of spending cuts that were included in the debt ceiling bill House Republicans passed last month.

“Someone explain to me why that’s an off ramp that should be taken now?” Roy said. “I think it’s an exit ramp about five exits too early.”

Rep. Byron Donalds (R-Fla.) also said he would be willing to withhold his support for a deal he disagrees with.

“If it’s a package that I can’t support, I’m not voting for that,” Donalds said. “I think there would be a lot of Republicans that would agree with that.”