If Congress does not address the debt ceiling by June 5, the US Treasury Department will not have enough funds to pay all of the nation’s obligations in full and on time, Treasury Secretary Janet Yellen said Friday.
A key House GOP negotiator warned Friday that efforts to lock down a debt limit deal could either quickly come together or fall apart entirely – a warning sign as lawmakers and the White House race the clock to try to secure an agreement to prevent a first-ever default.
Debt ceiling talks between the White House and House Speaker Kevin McCarthy’s office have hit a snag, and negotiators have put a pause on the talks, multiple sources tell CNN.
Congressional leaders from both parties emerged from their meeting with President Joe Biden at the White House on Tuesday unable to convey how they’re on a clear path to raise the nation’s borrowing limit and avoid a historic default. And in a sign that Biden will have to be hands-on as debt talks continue, the White House has scrapped part of his upcoming trip abroad.
After a week of meetings on the debt ceiling, Congress, the White House and the country still do not have a clear path forward to avoid a cataclysmic default with just four days when both the House and Senate are scheduled to be in session before June 1, when the US could default on its obligations. On one hand, it looks like this could go to the brink. On the other, there have been pockets of progress over the intervening days and signs that some of the most stringent and hardened positions negotiators have been echoing over the last three months are slowly beginning to soften.
House Republican leaders are moving ahead with a vote on their border security bill after agreeing to make last-minute changes to the package in order to win over GOP holdouts.
House Republican leaders are still struggling to get to 218 votes on their package to raise the national debt limit — and are uncertain when they will be able to hold the vote, according to multiple GOP sources.
Fox News and Tucker Carlson, the right-wing extremist who who used his prime time perch at the talk network to exert a firm grip over the Republican Party, have severed ties, the network said in a stunning announcement that rocked the media and political worlds Monday.
