The House of Representatives started its Memorial Day weeklong recess on Thursday without an agreement regarding the debt ceiling.
Secretary Janet Yellen warned repeatedly that the U.S. Treasury may breach its debt ceiling before June 1. This could cause a stock-market crash and result in millions of lost jobs. Kevin McCarthy, Speaker of the House, had previously suggested cancelling the Memorial Day holiday if he could not come to an agreement with President Joe Biden. However he ultimately advised lawmakers to prepare for a return to Washington in 24 hours to vote. The Senate is on recess from May 29 to June 1. Majority leader Chuck Schumer issued a similar message.
Patrick McHenry, Republican negotiator from North Carolina, told reporters that “we still have fundamental disagreements we haven’t resolved, and it is complicated.” The fundamentals of the deal revolve around spending. The legislation that the House passed in order to raise the debt limit is the basis of the fundamentals of this deal. This is tough for Democrats. The White House has been very clear about this. These are difficult issues that must be resolved.
Democrats were against the recess but none of them objected to lower chamber’s adjournment at 2:50 pm. House Democrats attacked McCarthy’s decision to not keep the lower chamber session during minute-long speeches on the floor.
“I know that we are eager to return home for Memorial Day. We want to honor and celebrate our fallen heroes and the men and woman who have served this country. Ami Bera, a California representative, said that the debt ceiling was the best thing we could do to honor these heroes and the American people.
I used to envy people who voted on a last-day of the week and ran out the door. Today, I am astonished and amazed at the problems we face, as well as that people have decided to take some time off for Memorial Day,” Northern Mariana Islands De. Gregorio Sablan added.
McCarthy and Biden reportedly are considering a deal to raise the debt ceiling through 2024. However, some conservative Republicans feel that it wouldn’t be enough to reduce spending.
“I believe if the Speaker negotiates with the President, he will discover that there are a lot Republicans who won’t agree with the Speaker,” Florida Rep. Byron Donalds said to Politico.