Debt limit talks stall as Republicans 'press pause,' criticize White House

WASHINGTON (AP) — A top debt ceiling negotiator for House Speaker Kevin McCarthy said Friday it's time to “press pause” on talks as negotiations with the White House came to an abrupt standstill at the Capitol.

Rep. Garret Graves, R-La., tapped by McCarthy, R-Calif., to lead the talks, emerged from an hourlong session and said gaps remained between House Republicans and the Democratic administration.

“It’s time to press pause because it’s just not productive,” Graves told reporters.

He added that the negotiations have become “just unreasonable” and that it was unclear when talks would resume.

Wall Street turned lower as talks on raising the nation’s debt limit came to a sudden halt, raising worries that the country could edge closer to risking a highly damaging default on U.S. government debt.

President Joe Biden's administration is racing to strike a deal with Republicans led by McCarthy as the nation careens toward a potentially catastrophic debt default if the government fails to increase the borrowing limit to keep paying the nation's bills.

White House negotiators declined to comment as they left the quick morning session.

Negotiators met for a third day behind closed doors at the Capitol with hopes of settling on an agreement this weekend before possible House votes next week. They face a looming deadline as soon as June 1 when the Treasury Department has said it will run out of cash to pay the go...