U.S. could breach debt limit by June 1, Yellen warns
President Joe Biden invited Congress’ top four leaders in both parties to a May 9 meeting after the Treasury Department delivered a stark Monday warning: The nation could hit its existing debt ceiling as soon as June 1.
Senate Republicans praised the president for heeding calls that he meet with McCarthy, insisting that it’s time for the White House to get serious about haggling over fiscal concessions after The House GOP package — which would lift the borrowing cap by $1.5 trillion or until the end of March 2024, whichever comes first, and slash $130 billion in government funding next fiscal year — represents a major victory for Republican leaders hoping to gain leverage in stalled talks with the president.
Cash from tax season has come in substantially lower than expected, prompting the Treasury Department’s warning that the U.S. could be at risk of default far sooner than forecasters had originally warned — with Congress’ nonpartisan budget office saying earlier this year that the country could hit the debt ceiling as late as September.
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