The U.S. House of Representatives could vote on a debt-ceiling deal as soon as next week, according to Speaker Kevin McCarthy.
The California Republican told reporters he thinks an eventual bill to raise the borrowing limit needs to be on the House floor next week and that he can “see the path.”
McCarthy and President Joe Biden have designated representatives to negotiate a deal while Biden is attending a G-7 meeting in Japan.
Both have said they are confident a deal will be reached before the government is unable to pay its bills.
Following McCarthy’s upbeat remarks, Senate Majority Leader Chuck Schumer said negotiations “are currently making progress,” adding that the Senate would consider voting on a deal following a House vote.
While the Senate is slated to be on recess next week, Schumer said senators need be ready to come back to Washington, D.C., for the possible debt-limit vote.
“Members should remain aware and be able to return to the Senate within a 24-hour period to fulfill our responsibilities to avoid default,” the New York Democrat said in a floor speech.
The main U.S. stock gauges SPX, +0.94% DJIA, +0.34% COMP, +1.51% mostly advanced Thursday as traders continued to display confidence that a debt-ceiling deal can be reached.
Now read:Debt-ceiling standoff: Here’s what could go into a bipartisan deal
Also see: ‘Doomsday machine’: Here’s what could happen if the debt ceiling is breached
This article was originally published by Marketwatch.com. Read the original article here.