Watch live: McCarthy gives update on debt ceiling negotiations

House Speaker Kevin McCarthy on Wednesday morning is slated to hold a press conference to provide updates on debt ceiling negotiations.

When asked Monday whether any ultimate deal to cut spending as a condition of raising the debt ceiling will lose votes on both the left and right sides of the parties, Speaker Kevin McCarthy (R-Calif.) indicated that it would.

Meanwhile, House Minority Leader Hakeem Jeffries (D-N.Y.) said he was willing to consider a White House offer to freeze spending at current levels — a stance that is drawing ire from liberals and underscoring how far the White House has moved in discussions with Republicans.

The event is scheduled to begin at 11:45 a.m. ET.

Watch the live video above.