After optimism, debt ceiling talks on 'pause,' McCarthy's top negotiator says

After optimistic talk from both House Speaker Kevin McCarthy and President Joe Biden earlier this week, Rep. Garrett Graves, who is leading debt ceiling talks for House Republicans, said Friday negotiations have hit a snag.

"We decided to press pause because it's just not productive," Graves said as he emerged from a Capitol Hill meeting with White House negotiators.

The development comes as time is quickly running out for lawmakers to find a debt ceiling compromise or risk default for the first time in history. Treasury Secretary Janet Yellen has warned the U.S. could run out of cash to pay all its bills as early as June 1, though the exact date remains uncertain.