Leadership dynamics leave Biden and House Speaker McCarthy in a “Debt Limit Deadline” limbo

WASHINGTON (NBC / KYME, KECY-TV) - In the midst of negotiations, President Biden is pushing back on a debt default deal with House Republicans. The June 1st deadline is a week away leaving high stakes between Biden and McCarthy. Both sides have not yet reached an agreement, but are getting closer to striking a deal.

McCarthy stresses "We want to make sure we have an agreement that's worthy of the American public. " Biden urges "Speaker McCarthy and I have a very different view of who should bear the burden of additional efforts to get our fiscal house in order." Both Democrats and Republicans will continue working together on the issues at hand, until they come to terms and finalize a deal.

Debt negotiations are pending as lawmakers head home for the Memorial Day holiday weekend, but without a deal in hand, Americans could begin to suffer real consequences. The financial impact would put our country into even deeper inflation, higher interest rates and affect the U.S. credit rating.