McCarthy: Debt ceiling talks making 'progress'
House Speaker Kevin McCarthy said Friday negotiators "made progress” on an agreement with the White House to raise the debt limit as they race to close out a deal ahead of a looming deadline to avert a potentially catastrophic default. McCarthy told reporters at the Capitol that there is still more work to do.
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Treasury Secretary Janet Yellen said in a letter Friday to Congress that inaction on raising the borrowing limit would “cause severe hardship.”
