The U.S. could default on its debt as soon as June 1 if Congress fails to raise the borrowing threshold, the Treasury has warned.
House Speaker Kevin McCarthy gave a pessimistic outlook Monday about the ongoing debt ceiling talks, a day after the Biden Administration suggested the negotiations had made some progress—indicating the two sides are still locked in disagreement as lawmakers face a two-week estimated deadline before the U.S. could run out of cash.... [+]
Chuck Schumer in the Oval Office of the White House on Tuesday May 9, 2023. Biden and Republican leaders met in hopes of breaking an impasse over the US debt limit. House Minority Leader Hakeem Jeffries and Senate Minority Leader Mitch McConnell were also in attendance.
The speaker’s viewpoint contradicts Yellen and President Joe Biden, who both indicated Sunday that talks were making some progress—Yellen toldshe was “hopeful” the two sides would come to a consensus, and Biden said “I really think there is desire on their part as well as ours to reach an agreement.”
Biden, however, told reporters “no” when asked Monday if there was any progress on the debt ceiling talks over the weekend.The looming debt ceiling crisis is heightening concerns among business leaders as Wall Street has maintained a largely muted stance amid the stalemate on Capitol Hill. “The short clock and possibility of miscalculation pose the greatest risk for default,” U.S.
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