Debt limit talks stall as Republicans 'press pause,' White House says real differences

WASHINGTON (AP) — Debt ceiling talks came to an abrupt standstill Friday after a top ally to Republican House Speaker Kevin McCarthy said it's time to “press pause” on negotiations, and a White House official acknowledged there are “real differences” that are making talks difficult.

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.

A White House official, who was granted anonymity Friday to discuss the private conversations, said there are “real differences” between the parties on the budget issues and further “talks will be difficult.”

The official added that the president's team is working hard towards a “reasonable bipartisan solution” that can pass both the House and the Senate.

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 incr...