U.S won’t default as debt talks inch forward – McCarthy Says.

WASHINGTON — House Speaker Kevin McCarthy told CNBC in an interview Wednesday he does not think the U.S. will default on its debt as tense negotiations over the debt ceiling continue.

“I think at the end of the day we do not have a debt default,” McCarthy told CNBC’s “Squawk Box.”

Leaders are running out of time to raise the debt ceiling before a June 1 deadline when the government is set to run out of money. McCarthy met Tuesday with President Joe Biden at the White House alongside the vice president and other top congressional leaders in an attempt to hammer out a deal before the president left for the Group of Seven summit in Japan.

McCarthy and House Minority Leader Hakeem Jeffries in separate interviews Wednesday morning on “Squawk Box” agreed that negotiations were moving forward, but the two remained entrenched in their positions.

Jeffries called a Republican request to attach work requirements to federal food benefits a “nonstarter” but said he remains optimistic about negotiations.

Jeffries noted the last time work requirements were proposed, in the 2018 Farm Bill, Republicans including McCarthy voted against it.

“It’s entirely unreasonable to think that at this particular point in time, in the context of a debt ceiling showdown that has been manufactured, as part of an effort to avoid default, that these types of so-called work requirements can be imposed on the American people,” he said.

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