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Negotiators reconvened on Thursday after working through the night to strike a deal, as hard-right Republicans and some Democrats expressed concerns about the shape of an emerging compromise.

Republican congressional leaders said Thursday they were making progress toward a deal with President Biden to raise the debt ceiling while cutting spending, cautioning that an agreement that was still being hammered out would inevitably disappoint lawmakers in both parties.

Speaker Kevin McCarthy, the California Republican, told reporters at the Capitol that bargainers had worked “well past midnight” and resumed negotiations later on Thursday morning, trying to find a resolution to avert a default on the nation’s debt before the projected June 1 deadline. He said that there were still “outstanding issues” and that he had directed his negotiators to work “24/7” until there was a deal.

“I don’t think everybody is going to be happy at the end of the day,” Mr. McCarthy said,

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