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Kevin McCarthy Says Talks Nowhere Near Debt Ceiling Deal

Crypto Market News: Amid uncertainty in financial markets and an anticipation around final result of the debt ceiling deal talks, top Republican Kevin McCarthy on Tuesday said the discussions are currently nowhere near successful agreement for raising the ceiling. The comment follows his meeting with US President Joe Biden on Monday. In reaction to the ongoing debate around debt ceiling deal, the stock market opened lower on Tuesday, as the S&P 500 Index fell 0.2%. Although the meeting on Monday was said to be productive, the markets may find some balance only if a debt ceiling is reached successfully.

Biden and McCarthy will be meeting everyday until a decision is reached before the June 1, 2023 deadline. Yet, the Republican leader indicated there was a long way to go before consensus is reached about the deal.

Talks Nowhere Near Debt Ceiling Deal

According to latest reports, McCarthy informed Republican lawmakers that a debt ceiling deal is nowhere near possibility at this point. Following the Monday meeting, the Republican leader said he would meet with the President every day until a deal is reached, amid deadline pressure. “The president and I know the deadline, so I think we’re going to talk every day … until we get this done,” he said.

Meanwhile, there is fear of stock market crash and a drop in crypto market prices if a debt ceiling deal is not reached, CoinGape reported. Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, said there is a very high probability that a debt ceiling deal gets done. However, he warned that the timing of the deal closure could be tight, ahead of the June 1, 2023 deadline.

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