With roughly two weeks until the U.S. Treasury was going to run out of money to pay the government’s bills, the negotiations in Washington to lift the nation’s debt limit blew up.
It was Friday morning, May 19, and teams representing President Joe Biden and House Speaker Kevin McCarthy had convened in an ornate meeting room on the Capitol’s first floor with a view of the National Mall. The House and Senate were out of session, so the Capitol was quieter than usual and the dress was casual.“Look, they’re just unreasonable,” Republican Representative Garret Graves, wearing a denim shirt and khakis, said of Biden’s negotiators as he walked out.
This account of how they did it is based on conversations with dozens of lawmakers, White House officials and congressional staff. McCarthy took a break Saturday morning to a walk along the Mall. Accompanied by a security detail and dressed in a black shirt and shorts, he answered “so so” when asked about the talks. Anticipating another round of negotiations that day, GOP aides stocked the meeting room with meals from Chick-fil-A. But the fast food slowly grew cold with no one talking.
McHenry later described the resulting Oval Office meeting as a turning point. Biden and McCarthy had very little history together. McHenry joked that it wasn’t easy to build a relationship because “you got two Irish guys who don’t drink.” But the talk between the two leaders created a positive atmosphere that moved both sides toward a deal.
Heading into the Memorial Day holiday weekend, McHenry again struck a pessimistic note. Asked what he would say to Wall Street investors about the talks, he responded, “Glad the market’s closed.”
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