Debt Ceiling Talks Set To Resume - Parties Still "Far Apart"

Reuters reporting that talks between representatives of House Speaker Kevin McCarthy (R-CA) and the White House are due to resume on Capitol Hill at 11:00 ET 16:00 BST.

• Edit: Bullet edited to correct time talks expected to resume
• According to Reuters, McCarthy's lieutenant Rep Garret Graves (R-LA) told reporters that Republicans and the White House are still "far apart" despite positive statements from principles after yesterday's White House meeting.
• Sticking points: Government spending cap, Defence vs non-defence spending levels, work requirements for welfare programmes, and the timeframe for a debt limit hike.
• President Biden and McCarthy are expected to be in regular contact as negotiators attempt to hammer out a deal by midweek.
• Time is getting exceptionally tight. To have legislation ready for a Friday House vote, negotiations will likely require an agreed framework in place by tomorrow.
• If a deal isn't reached by mid-week, expects calls to intensify for a short-term fix to allow negotiators more time.
• Treasury Secretary Janet Yellen sent another letter to Speaker McCarthy yesterday warning that June 1 remains the Treasury Department's projected x-date.
• Read our US Daily Brief for additional analysis: LINK