US House Speaker Kevin McCarthy said talks on the US debt ceiling had resumed and would continue until the last few days before the country risks default.
McCarthy said he hasn’t spoken to President Joe Biden in the past 24 hours. The US Capitol building is nearly empty as most lawmakers are absent ahead of the long holiday weekend. Negotiators were asked to continue working until an agreement was reached.
In recent days, the two sides have narrowed their differences in the talks, according to people familiar with the discussions, although the details agreed are tentative and a final deal has not yet been reached. Under the terms of the agreement being worked out, defense spending could increase by 3% next year, in line with Biden’s budget request.