Treasury Secretary Janet Yellen announced that the U.S. will run out of money to meet its obligations on June 5, 2023, if Congress does not raise or suspend the debt limit. The House Freedom Caucus has demanded that Yellen provide documentation and data to back up her announcement. President Joe Biden and Republican lawmakers now have more time to reach an agreement on a budget deal that lifts the debt ceiling.
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Texas House of Representatives is set to impeach its own Attorney General, Ken Paxton (R), after years of scandal, criminal charges and corruption accusations. The Texas House’s General Investigating Committee voted 5-0 to recommend impeaching Paxton, and the recommendation will now go to the full House for a vote. If the House votes to impeach Paxton, the Senate will then decide whether to remove him from office, which would be the first time in Texas history that an Attorney General is removed from office.
House Republicans passed a bill on the debt limit and spending cuts on Wednesday, but talks with the Biden administration are still ongoing and there are many areas of disagreement. The White House has proposed a plan to raise the debt limit and suspend it until the end of July, as well as a $1.7 trillion infrastructure package, both of which have been rejected by the GOP. The deadline for raising the debt limit is August 2nd, and if no agreement is reached, the US could default on its debt for the first time in history.
Paul Whelan, a former U.S. Marine wrongfully detained in Russia since December 2018, has expressed his concern about the arrest of Wall Street Journal reporter Evan Gershkovich. The U.S. Embassy in Moscow has called for the release of Whelan and other wrongfully detained Americans in Russia, and the Biden administration has yet to comment on the situation. Whelan remains hopeful that he will be released soon, expressing confidence that the wheels are turning.
Sen. Tim Scott of South Carolina announced his candidacy for the Republican nomination for president in 2024, criticizing the "radical left" and President Biden in a roughly 40-minute speech. Scott joins a rapidly expanding field of contenders looking to unseat former President Donald Trump, emphasizing his personal background and his family's experience with poverty and success. His candidacy comes as the Republican Party is in the midst of a heated debate over its future direction, and Scott is sure to be a strong contender in the 2024 presidential race.
Key takeaways: President Joe Biden and House Speaker Kevin McCarthy are meeting at the White House to discuss a path forward to avert a debt…
President Joe Biden has called on House Republicans to compromise and end their standoff over the debt ceiling, warning of catastrophic consequences if it is not raised. Treasury Secretary Janet Yellen has warned that June 1 is a "hard deadline" for Congress to raise the debt ceiling, and that the US could default on its debt if it is not raised. Biden has also placed renewed emphasis on the possibility of citing the 14th Amendment to sidestep the debt ceiling, as negotiations with Republicans continue.
Sen. Tim Scott of South Carolina has officially launched his campaign for the Republican presidential nomination, joining Florida Gov. Ron DeSantis in the race. Louisiana Sen. Bill Cassidy commented on the race, saying that Donald Trump cannot win a general election in 2024. Scott and DeSantis are the first two candidates to officially enter the race, with more expected to join in the coming weeks. It is unclear who will emerge as the party's nominee, but the race is heating up.