After Republican negotiators walked out of the room and blamed the White House for holding up discussions, talks over raising the Debt limit abruptly came to a halt Friday on Capitol Hill. Financial markets dipped on the news, which came after a positive week of talks that appeared to signal a deal was close. One of the toughest sticking points in the talks has been the question of spending caps, a key GOP demand but a red line for a significant bloc of Democrats. As the White House presses for a debt limit hike that would push the next deadline past the 2024 presidential election, Republicans are insisting on a spending cap for next year that goes beyond a freeze on the current topline number, and actually rolls government spending back to 2022 levels. If a deal is not reached by the end of the month, Treasury Secretary Janet Yellen has warned that the United States could run out of money to pay debts the government has already incurred.

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