Debt ceiling talks have failed, with negotiators pressing for a pause for now

(CNN) Debt ceiling talks between the White House and House Speaker Kevin McCarthy’s office have reached an impasse, and negotiators have suspended talks, multiple sources told CNN.

Negotiators met briefly at the Capitol on Friday before parting ways, and as of now, no meetings are scheduled for that day.

The backlash is hoping there will be an agreement in principle by the end of this week.

McCarthy confirmed the talks had stalled, saying there wasn’t enough “mobility” from the White House and suggesting spending levels were part of the problem.

“We have to get motion by the White House. We don’t have any motion yet,” McCarthy told reporters on his way to the Capitol.

Asked why he had such an optimistic tone a day earlier, McCarthy said, “I felt like we were in a place where I could see the path. The White House is — we can’t spend more money next year. We have to spend less than the year before. It’s that simple.”

McCarthy said he had not spoken to the president and did not respond to questions about next steps.

The deadline to raise the borrowing limit before June 1 is critical and the Treasury Department says the government cannot pay its bills. If America fails, it will trigger a global economic catastrophe.

GOP representative leading negotiations for House Republicans. Garrett Graves, leaving a brief meeting with negotiators in the morning, said the situation was “not productive.” He said he wasn’t sure they would meet again this weekend.

“Until people are willing to have reasonable conversations about how you can actually move forward and do the right thing, we’re not going to sit here and talk to ourselves. That’s what’s happening,” Graves said.

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As talks stalled, a White House official acknowledged that there are “real differences” and that “talks will be difficult,” but said the president’s negotiating team was trying to reach a “reasonable bipartisan settlement.”

This story has been updated with additional information.

CNN’s Arlette Saenz contributed.

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