Debt ceiling talks have come to a standstill in Washington as the deadline for potential default approaches.
Republican Congressman Garret Graves announced earlier today that discussions have been paused, but it remains uncertain when they will resume.
The U.S.
Treasury Secretary, Janet Yellen, has warned that the nation faces the risk of defaulting on its debt as early as June 1st, which is less than two weeks away.
CBS News congressional correspondent Nikole Killion reported on the developments from Capitol Hill, where she spoke with Congressman Graves.
According to Killion, the talks have hit a pause, and the duration of this break remains unspecified.
Congressman Graves expressed his belief that the White House has been unreasonable and that the negotiations have become unproductive.
He highlighted that House Republicans have already passed a robust bill.
However, if the White House negotiators are not willing to consider their proposal, he implied that further discussions may not be worthwhile.
The White House negotiators were tight-lipped as they left the meeting, indicating that they will continue to handle the talks discreetly.
Notably, they arrived on Capitol Hill just a short time before abruptly breaking up the meeting within an hour.
Both sides have been significantly divided from the outset.
The House Republican bill proposes an increase in the debt limit through next year, involving approximately $4.8 trillion in federal spending.
Democrats, including the White House, have argued that the proposed cuts are excessive and radical.
They advocate for a clean up or down debt limit, a proposition that many Republicans are unwilling to accept.
Although there were recent indications of potential progress, the current pause or roadblock in negotiations has halted further advancements.
The White House, in response to the pause, expressed that an agreement is still possible if both sides negotiate in good faith and recognize that they will not achieve everything they desire.
It remains uncertain whether President Biden will return to Washington sooner than planned.
He had already shortened his trip, canceling the Australian leg to be available for the talks and to potentially broker a deal.
The President has been in touch with negotiators and his team while abroad in Japan, engaging in phone conversations.
The duration and seriousness of the pause will likely determine when talks will resume.
