The debt ceiling agreement must be achieved by the end of the week in order to give Congress enough time to approve it into law, House Speaker Kevin McCarthy reportedly said on Tuesday.
Last week, Treasury Secretary Janet Yellen warned Congress that the United States could not have enough money to cover its bills and commitments by June 1.
“I think we need it by next week, especially with the time basis,” McCarthy said in a statement to reporters.
“I think we should just get in the room and solve this thing. I don’t think it’s that difficult,” he continued.
If a compromise is reached by next week, Congress would have approximately two weeks to complete the agreement and send it to President Biden.
Democrats and Republicans cannot agree on how to raise the debt ceiling.
Last week, the GOP-controlled House approved a measure that would raise the debt ceiling while restricting expenditure for the upcoming fiscal year at that of fiscal 2022.
Senate Minority Leader Mitch McConnell and conservative Sen. Mike Lee, R-Utah, have united behind McCarthy and made it plain that the dialogue should take place between the speaker and the president.
That determination has managed to unify the Senate GOP minority behind McCarthy.
It remains to be seen how and if President Joe Biden and the Democrats will be willing to cave to Republican demands in exchange for a deal.