President Joe Biden caved to Republicans and signaled that he could accept some reforms in a potential debt ceiling deal after months of refusing to negotiate any spending cuts or reforms.
White House and congressional staffers have wrangled over the details of a potential debt ceiling deal.
Treasury Secretary Janet Yellen, who previously warned that the deadline was June 1 to pressure Congress, said she was hopeful about a deal.
“I think the negotiations are very active. I’m told they have found some areas of agreement,” Yellen said.
Treasury Deputy Secretary Wally Adeyemo described the talks as “negotiations” after Biden refused to negotiate with Speaker Kevin McCarthy (R-CA) on a debt ceiling deal.
