Negotiators in talks to raise the US debt ceiling got a bit more breathing room, as Treasury Secretary Janet Yellen said the government was likely to run out of money to pay its bills on June 5, four days later than she previously predicted
The two sides have been negotiating for weeks on an agreement to raise the federal government's self-imposed borrowing limit, with Republicans also pushing for sharp spending cuts. Without a deal, the United States could face a calamitous default.Republican Representative Patrick McHenry said he concurred with Biden's comments, while cautioning that negotiations had not yet concluded.
Negotiators are discussing a deal that would lift the limit for two years, but remain at odds over whether to stiffen work requirements for some anti-poverty programs. Negotiators have tentatively reached an agreement that would cap spending on many government programs next year, according to a U.S. official.The safety-net programs remained a sticking point. Lead Republican negotiator Garret Graves said his party would not drop its demand that they require more participants to hold a job.U.S. President Joe Biden speaks to the media before departing the White House for Camp David, in Washington, U.S., May 26, 2023.
Democrats have said the proposal would only create more red tape that would exclude people who would otherwise qualify. The deal might also scale back funding for the Internal Revenue Service, which got an extra $80 billion last year, in part to bolster enforcement and bring in more tax revenue. Republicans have sought to revoke that funding.
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