Democrats and Republicans came very close to hammering out a final deal on the debt ceiling Friday night, but the deal collapsed without either side getting the guarantees they wanted.
The hope was for negotiators to finalize some text last night, which would allow House Republicans to start running down their three-day procedural clock soon enough to schedule a vote.
Fox News Digital was told that congressional leaders will aim to text this afternoon. A senior House GOP source said the new June 5 default deadline from the Treasury Department gives both sides “more breathing space but unwittingly slows down this process.”
House Speaker Kevin McCarthy, R-Calif., has repeatedly said the House will have “72 hours” before it can debate and vote on a bill, not necessarily “three days.” If the text comes out this afternoon, the House could vote to raise the debt limit as late as Tuesday. But the House may need a little more time than that.
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House speaker Kevin McCarthy, R-Calif., and Minority Leader Hakeem Jeffries, D-Calif., have a closer relationship than McCarthy has with former House Speaker Nancy Pelsoi, D-Calif., which could help them to reach a deal to raise the debt limit. (AP Photo/Jacquelyn Martin/Getty Images)
The Senate will likely need several days to process this legislation. That’s why the Senate’s target to pass this bill could be next weekend.
Again, this is all assuming nothing explodes.
Sources say a GOP request to authorize reform for energy programs is not in the bill.
Democrats seem unwilling to agree to stricter work requirements for government assistance like Medicaid. Fox News Digital was told that such a provision could “overturn the Democratic vote” for this plan.
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US Speaker of the House Kevin McCarthy (R-CA) speaks to reporters as he arrives at the US Capitol on May 25, 2023 in Washington, DC. McCarthy spoke on the ongoing debt ceiling negotiations. (Kevin Dietsch/Getty Images)
Also, Republicans are likely to balk if the proposal doesn’t include some radical, structural spending changes.
The trick is to find a broad swath of Democrats and Republicans “in the middle” (and, it could be a big middle) to support this plan.
Fox was told on the GOP side that it would take a muscular effort to reach the vote. The finalized text of the bill will help Republicans determine where their members stand. Then, can Democrats make up the difference?
A successful deal will require a very high level of trust between McCarthy and House Minority Leader Hakeem Jeffries, DN.Y., on how many concrete votes both sides can provide. Note that both are relatively new here. It won’t be long before the calculation is removed.
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US House Minority Leader Hakeem Jeffries, Democrat of New York, speaks at a press conference about debt negotiations on Capitol Hill in Washington, DC, May 25, 2023. Rating agency Fitch warned the US on May 24 Its perfect credit rating could be in jeopardy if the White House and Republican opposition fail to overcome their disagreement over raising the nation’s borrowing limit, a week before a key deadline. (SAUL LOEB/AFP via Getty Images)
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In addition, it’s harder to get firm voting commitments from lawmakers when they’re not on Capitol Hill in person. It helps to “look them in the eye,” but many deputies are home for the Memorial Day weekend. House Majority Leader Steve Scalise, R-La., gave lawmakers permission to leave the Capitol on Wednesday but said they should be prepared to return for a potential vote on the debt limit with 24 time notice.
One thing that could help the negotiations is that while McCarthy has a non-existent relationship with former House Speaker Nancy Pelosi, D-Calif., that is not the case with Jeffries. In fact, McCarthy poured energy into building a relationship and building trust with Jeffries. Those efforts could pay dividends now when it comes to counting votes.
