House Speaker Kevin McCarthy said Saturday that Congress will meet the June 5 deadline to raise the debt ceiling.
The California Republican confirmed that no deal has been struck but pledged an agreement will be made before the government goes into default and that all lawmakers will have at least 72 hours to read the bill before it comes to the floor for a final vote.
“I want the members to see all the bill first… and understand it. And they should be able to ask questions, and not just read about it in the paper,” he said.
Treasury Secretary Janet Yellen on Friday pushed back the projected deadline when the U.S. will default if Congress doesn’t raise the debt limit.
Mrs. Yellen revised the default timeline in a letter to Mr. McCarthy saying that incoming tax revenue had changed the calculus.
President Biden and Republican negotiators are working on a deal to raise the U.S. government’s $31.4 trillion debt ceiling after the Treasury Department cautioned that an impending default was likely without any action.
All parties are discussing an arrangement that would lift the limit for two years, but they are at an impasse over whether to reinforce work requirements for several welfare programs, including the Medicaid health plan and the SNAP food assistance program, for those under the age of 56.
According to the nonpartisan Congressional Budget Office, $120 billion would be saved over a decade. Democrats argue, however, that more than a million Americans would be forced out of those programs, creating more bureaucracy for those who would otherwise be eligible.
Rep. Garret Graves, Louisiana Republican, told reporters that the GOP would not back away from requiring more participants to be actively looking for or have a job.
“Hell no. Not a chance,” Mr. Graves told reporters.