Debt Ceiling Discussions
President Joe Biden and the “Big Four” congressional leaders resumed talks yesterday on raising the government’s $31.4T debt ceiling to avert a possible first-ever default next month.
House Speaker Kevin McCarthy (R, CA-20) said yesterday it’s possible for a deal to be reached by the weekend for approval in Congress by June 1—a potential deadline forecast by Treasury Secretary Janet Yellen. The “Big Four” also includes Senate Majority Leader Chuck Schumer (D-NY) and Minority Leader Mitch McConnell (R-KY), and House Minority Leader Hakeem Jeffries (D, NY-8). Sticking points in discussions include addressing work requirements for benefits programs and reducing federal spending.
The debt ceiling—the limit on how much the US can borrow to cover its financial obligations—must be raised via legislation. Last month, the House passed a package on a party-line vote to raise the ceiling by $1.5T, which included $4.5T in spending cuts. Biden, who is cutting short an overseas trip to focus on debt limit talks, has said he would veto the package.
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