Sure, Jan.
Treasury Secretary Janet Yellen announced Friday the government could breach its debt limit on June 5 if the White House and Congress do not come to an agreement to raise or suspend it by then.last week that the date was “highly likely” to hit in early June and as early as June 1, nailed down the specific deadline as tense negotiations in Washington remain ongoing.
House Republicans passed a package in April to raise the debt ceiling through early next year in exchange for deep spending cuts and other concessions, and McCarthy hasto demand aspects of that package while he works to come to an agreement with Biden and the Democrat-controlled Senate. McHenry, the Financial Services Committee chairman, told reporters Friday night as he headed into the speaker’s office there were “significant challenges ahead” and that he did not know if that meant a deal would come in “hours or days.”
Amid growing pressure now for the pair to come to a resolution, McCarthy has vowed, per House rules, to give colleagues three days to review the debt package if and when it is finalized. Yellen in her letter to McCarthy reiterated that catastrophe could ensue should the nation begin to near a default on its debts.
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