Debt ceiling negotiations reach critical point as default deadline looms.

Conservative lawmakers are pushing back against the emerging deal on the debt ceiling between President Biden and House Speaker Kevin McCarthy, arguing that McCarthy failed to extract sufficient concessions from the Biden administration in exchange for raising the debt ceiling. Negotiators are closing in on an agreement that would raise the debt ceiling by two years while essentially freezing government spending on domestic programs and slightly increasing funding for the military and veterans affairs. The conservative revolt could prove crucial to the ongoing debt ceiling standoff, as well as McCarthy’s future.