Debt limit negotiators return to Capitol to finalize details.

Negotiators Work Through the Night to Finalize Debt Limit Bill

Reps. Garret Graves (R-LA) and Patrick McHenry (R-NC), the top negotiators for House Speaker Kevin McCarthy, returned to the Capitol after working until roughly 2:30 a.m. to iron out final details on the debt ceiling deal. Officials are aiming to get a proposal finalized as early as Saturday afternoon. It remains unclear how close negotiators may be on coming to an agreement, but lawmakers say only a “narrow set” of disagreements remain.

The clock is ticking for negotiators to reach a deal before the so-called “X-date” on June 5, which is the day the country is expected to no longer be able to pay off its debts. Treasury Secretary Janet Yellen updated the deadline from her initial projection of June 1, buying Republicans and the White House four extra days to finalize an agreement and get a bill passed through Congress before a possible default.

Working Against the Clock

Lawmakers are feeling the pressure as the deadline looms closer. Negotiators are hoping to finalize a deal and get legislative text released as soon as possible, after which the bill must be available for review for at least 72 hours before being considered for a vote under House rules. Once the text is posted, the clock will begin ticking, meaning a vote could conceivably take place as early as Tuesday evening if a deal is made on Saturday.

• Reps. Graves and McHenry worked until 2:30 a.m. to finalize details on the debt ceiling deal
• Officials aim to finalize the proposal as early as Saturday afternoon
• The deadline for the debt limit is June 5
• Lawmakers must review the bill for at least 72 hours before it can be voted on

Despite the time crunch, negotiators are optimistic that a deal can be reached soon. “These are tough things, and this is not how I anticipated the final hours, days would go,” McHenry said. “We’ve had a long list for a long time. What I didn’t anticipate is we’d have a very short list for a very long time.”

Once the bill is passed in the House, it will move on to the Senate for further consideration before it can be sent to President Biden for his signature. The last-minute time crunch comes as the House broke for recess on Thursday afternoon for the holiday weekend, with some Democrats grumbling that lawmakers should stay in Washington until a deal is made. McCarthy said he would remain in Washington for the weekend to continue working on a deal.

Stay tuned for updates on the debt limit negotiations.

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