With only a few days remaining, and counting down the final phase to resolving the debt ceiling problem is upon the US.
Why won’t Republicans do their jobs by refusing to pay for the same tax breaks for the rich they claimed would pay for themselves?
America could fall behind on federal financial obligations unless MAGA Republican controlled Congress decides to respect the debts incurred and allows more borrowing.
Budget analysts in and out of government agree that the “X-date,” the day on which the U.S. might not be able to meet all of its obligations, could land in early June. The Treasury Department has said it could come as soon as June 1.
Here are some of the biggest expenses that the country may not be able to pay in the first week and a half if Treasury runs out of reserves starting June 1:
Biden, McCarthy to hold a pivotal meeting on the debt ceiling as a time to resolve standoff grows short https://apnews.com/article/debt-ceiling-biden-mccarthy-white-house-ba76…
- US DEBT CEILING:
- How a default could affect the global economy
- Poll: Few follow the debt ceiling debate closely
- Explaining the debt ceiling
The Treasury Department is expected to run out of the cash necessary to fund the federal government’s obligations by June.
Biden ratchets up the pressure as the debt ceiling fight strains his presidency
The White House believes it can build consensus and be rewarded for it. But with the economy on the line, it’s not looking like a sure thing.
Ahead of their debt ceiling meeting Monday afternoon, neither President Biden nor House Speaker Kevin McCarthy (R-Calif.) knows whether the other side is willing to compromise at the 11th hour.
Why it matters: Treasury Secretary Janet Yellen repeated her warnings Sunday — which she had made in public and in private – that June 1 is a “hard deadline” to raise the debt ceiling. https://www.axios.com/2023/05/22/biden-mccarthy-debt-ceiling-meeting
Biden and McCarthy set to meet again to try to close distance on debt
Both sides are suggesting the other might just want the nation to default on its debt.
Why Biden is Wary of Using the 14th Amendment to Address the debt limit crisis
Gridlock over the U.S. debt ceiling as Biden and McCarthy are set to meet: Can a deal get done?
- Biden, McCarthy to discuss debt ceiling with deadline 10 days away
- How Wall Street is Preparing for Possible US debt default
BIDEN MUST INVOKE THE 14TH AMENDMENT