Facing the risk of a government default as soon as June 1, President Joe Biden has invited the top four congressional leaders to a White House meeting for talks next week.
FILE - President Joe Biden talks with House Speaker Kevin McCarthy, R-Calif., as he departs the Capitol following the annual St. Patrick's Day gathering, in Washington, March 17, 2023. Facing the risk of a federal government default as soon as June 1, President Joe Biden has invited the top four congressional leaders to a White House meeting on May 9 for talks.
The Treasury Department has been using “extraordinary measures” since January to keep the government operating, short-term accounting tweaks to buy lawmakers time."After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially, if Congress does not raise or suspend the debt limit before that time," Yellen wrote in a letter to lawmakers that became public late Monday.
The House is in recess this week. McCarthy was in Jerusalem on Monday, speaking to its Knesset. In his statement reacting to the Yellen letter, he did not mention the White House invite, even though he has been pressing for talks with the president for weeks.In short, May 9 is when all the principal leaders are in Washington.Republican lawmakersin return for raising the debt limit, saying the budget's current path is unsustainable.
“House Republicans did their job and passed a responsible bill that raises the debt ceiling, avoids default and tackles reckless spending,” McCarthy said in a statement. Administration officials have considered whether Biden could bypass Congress by citing the Constitution’s 14th Amendment that the “validity” of U.S. debt “shall not be questioned.” But the president has long deferred to the legislative branch given his 36 years in the Senate.
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