The clock is ticking for a federal debt agreement to prevent the government from defaulting after hitting the debt limit this week. A default, which could come as early as June without a deal, could have devastating consequences on the economy and the U.S.'s standing in the world.
The Treasury Department is resorting to extraordinary measures to buy lawmakers more time.
But, at least so far, little progress appears to have been made.
"This is something that dozens and dozens of times in recent years, over Republican and Democrat administrations, has happened with bipartisan support in Congress without condition," White House principal deputy press secretary Olivia Dalton told reporters Thursday. "And we believe that that is the — that is the method and mode that we should reach a solution again today."
President Biden will have a say in any agreement that's reached, but here are six key lawmakers to watch in the debate at the Capitol:
House Speaker Kevin McCarthy (R-Calif.)
McCarthy was elected Speaker after a historic 15 rounds of voting earlier this month, but it didn't come without major concessions to conservatives.
Far-right Republicans have said they won't agree to any action on the federal debt without significant cuts to spending, something the GOP leader has echoed.
"If you had a child and you gave them a credit card, and they kept hitting the limit—you wouldn't just keep increasing it," McCarthy said during an appearance on Fox News this week. "You'd first see what are you spending your money on? How can we cut items out?"
Senate Majority Leader Charles Schumer (D-N.Y.)
Schumer is dealing with a new split Congress, after having previous House Speaker Nancy Pelosi (D-Calif.) as a natural ally between the chambers. He now finds himself navigating negotiations with a House where the most conservative members (often dubbed the "MAGA Republicans" because of their ties to former-President Trump) hold significant sway.
"There should be no political brinkmanship with the debt limit," he said in a statement. "It's reckless for Speaker McCarthy and MAGA Republicans to try and use the full faith and credit of the United States as a political bargaining chip. A default would be catastrophic for America's working families and lead to higher costs."
Senate Minority Leader Mitch McConnell (R-Ky.)
McConnell may be in the minority (however thin it may be), but he's had the most experience in this process and he maintains a close relationship with Biden, despite their wildly different political views.
McConnell, who has fallen very far out of favor with Trump, still has the ability to facilitate negotiations and sway members who are on the fence.
"In the end, I think the important thing to remember is that America must never default on its debt. It never has, and it never will," McConnell said during an appearance in Kentucky on Thursday. "We'll end up in some kind of negotiation with the administration over what the circumstances or conditions under which the debt ceiling be raised."
House Minority Leader Hakeem Jeffries (D-N.Y.)
Jeffries managed to hold the entire Democratic caucus together in unanimous votes in the Speaker's race, as Republicans struggled to coalesce around McCarthy.
The minority party's role now is to maintain that unity and keep the focus on highlighting any breakdowns on the other side of the aisle.
Rep. Chip Roy (R-Texas)
One of the conservative Republicans who helped get McCarthy elected to the Speakership, Roy has long been a proponent for cutting government spending.
He's leveraged his ability to negotiate between the McCarthy Republicans and more conservative members into becoming a prominent voice for what the House GOP wants from the debate.
"Don't believe the Dem fear mongering. We're not going to default on the debt," he said on Twitter this week. "House Republicans are fighting to cut woke, weaponized, and wasteful spending and the swamp is TERRIFIED."
Rep. Jason Smith (R-Mo.)
Smith, who's steadily risen the GOP ranks since taking office nearly a decade ago, has been named chairman of the powerful Ways and Means Committee. It oversees revenue projections and actions around federal debt.
The Missouri Republican made it clear that cuts are his priority for addressing the looming debt crisis.
"The American people rightfully recognize that maintaining Washington's status quo, which runs up massive deficits and adds trillions to our national debt, is unsustainable," he said in a statement.
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