Republicans say the White House isn't negotiating in good faith, with House Financial Services Chair Patrick McHenry (R-NC) saying on Tuesday that he's not sensing urgency from the White House - which waited months to arrive at the bargaining table at the 11th hour.

"I think it is very important to realize that 'urgency' should be the word of the day. And that's not the vibe I'm getting," he said, adding "I think at the highest levels of the White House, they don't understand the contours of the things that we understand, and that House and Senate Republicans are aligned."

Rep. Garret Graves (R-LA), who authored the House GOP's opening bid on permitting reform, says that Republicans and the White House are still 'far apart' on a deal - with the Biden administration offering to freeze federal spending at current levels, while McCarthy wants to go back to 2022 levels, a difference of roughly $130 billion.

After a Monday night meeting between President Biden and House Speaker Kevin McCarthy (R-CA) - their third meeting, failed to produce meaningful progress, White House aides headed back to Capitol Hill for further talks throughout the night.

House Appropriations Committee Chairwoman Kay Granger, a Republican, also suspended work on pending funding bills this week "to give the Speaker maximum flexibility as talks continue," she said in a statement.

The lack of clear progress continued to weigh on Wall Street with U.S. stock indexes set to open lower Tuesday morning and global markets on edge. -Reuters