A top debt ceiling negotiator for House Speaker Kevin McCarthy said on Friday that negotiations with the White House were to continue at the weekend after earlier claiming it was time to “press pause” on talks.
The announcement came hours after Mr McCarthy's lead negotiator and President Joe Biden's representatives halted talks, rattling financial markets as the deadline to avoid default ticked closer.
“We'll be back in the room tonight,” Mr McCarthy said in an interview with Fox Business, while the White House did not issue comment to news organisations.
Earlier on Friday, Congressman Garret Graves, who was chosen by Mr McCarthy to lead the talks, emerged from an hour-long session and told reporters that discussions were “not productive” and “just unreasonable”.
President Joe Biden's administration is racing to strike a deal with Republicans led by Mr McCarthy as the nation careens towards a potentially catastrophic debt default if the government fails to increase the borrowing limit to keep paying the nation's bills.
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.
“We've got to get movement from the White House and we don't have any movement yet,” Mr McCarthy told reporters during the pause in talks.
“We can't be spending more money next year. We have to spend less than the year before.”
A White House official said: “There are real differences between the parties on budget issues and talks will be difficult.
“The President’s team is working hard towards a reasonable bipartisan solution that can pass the House and the Senate.”
US stocks closed the week on a soft note after news of the stalled negotiations.
They face a deadline as soon as June 1, when the Treasury Department has said it will run out of cash to pay the government's incurred debt. A default would probably lead to global economic uncertainty.
Republicans want steep spending cuts that Mr Biden has so far refused to accept. Any deal would need the support of both Republicans and Democrats to find approval in the divided Congress and be passed into law.
Senate Republican leader Mitch McConnell tweeted that it was “past time” for the White House to get serious about negotiating a deal to raise the nation's borrowing limit
“Time is of the essence,” Mr McConnell said on Twitter.
Agencies contributed to this report
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Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
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- Engine: 3.9-litre twin-turbo V8
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Location: Southport, Merseyside, England
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Type: Private
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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15 years, 181 days old
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15 years, 235 days old
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15 years, 271 days old
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16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
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- 5 wins in 22 months as pro
- Three wins in past 10 starts
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- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The Light of the Moon
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Starring: Stephanie Beatriz, Michael Stahl-David
Three stars
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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