From CNN's Kristin Wilson, Haley Talbot, Nicky Robertson and Morgan Rimmer
After another day of negotiations on Capitol Hill, there is still a "significant gap" between House Republicans and the White House on how to resolve the looming debt ceiling deadline, according to the GOP negotiators.
Reps. Garret Graves and Patrick McHenry said that until the president and the White House “recognize that this is a spending problem” those gaps could remain. The Treasury Department has said the country could default as soon as June 1.
Graves said there are no planned meetings tonight with the White House, but the door is open for more talks should the administration want to return to the Capitol. He said Republican negotiators are meeting in Speaker Kevin McCarthy's office to try to come up with other options to cut spending.
McCarthy has said over the week that he needs an agreement to come together by the end of the week in order to meet the “X date” deadline, a date that some in his conference has said is not a hard-and-fast date.
McHenry, however, said he trusts Treasury Secretary Janet Yellen's assessment, saying, "She said June 1, and she is in charge of cash management. There's a whole bureaucracy within the Treasury. They don't play games. They don't play games.”
This underscores that the clock is ticking for both sides, with McHenry saying it will take 24 to 48 hours to actually write the legislation. He also said they will keep the rule in the House that allows members three days to review the bill before voting on it.
Live updates: Debt ceiling negotiations continue as default deadline looms (cnn.com)