Treasury Secretary Janet Yellen warned that the U.S. is likely to run out of money to pay its bills as early as June 1 if Congress does not raise or suspend the debt limit. Yellen set the June 1 deadline for the U.S. to extend the borrowing limit and warned that a first-ever default on the country's debt would have disastrous economic implications. She said that a default would have "catastrophic economic consequences that would last for decades."
Posts tagged as “Kevin McCarthy”
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.
House Speaker Kevin McCarthy and President Joe Biden are meeting on Monday to discuss how to avoid a catastrophic debt default as the June 1 deadline looms. The two sides have been at odds over the debt ceiling, with the Biden administration pushing for a higher limit and Republicans pushing for spending cuts. A potential agreement between the two sides could avert a default and its catastrophic economic consequences.
Ukrainian President Volodymyr Zelenskyy held two major rounds of meetings with his biggest backers at the G7 summit in Hiroshima to build momentum for Ukraine's war effort. Biden and congressional Republicans remain far apart on budget talks, with the looming debt crisis in Ukraine adding to the urgency of the situation. The summit was seen as a chance for the leaders to discuss a range of issues, with the conflict in Ukraine a major focus of the discussions.
Negotiations between the White House and House Speaker Kevin McCarthy to raise the debt ceiling have stalled, with Rep. Garret Graves, R-La, accusing the Biden administration of being "unreasonable." Talks have been paused due to lack of progress, and both sides are under pressure to reach a deal before the June 1 deadline to avoid a potentially catastrophic default on U.S. debt. It is unclear at this time what the next steps will be in the negotiations.
House Majority Whip Tom Emmer (R-Minn.) has announced that the House of Representatives will vote on a motion to refer a resolution to expel Rep. George Santos (R-NY) to the House Ethics Committee. House Speaker Kevin McCarthy (R-CA) has expressed a desire for the Ethics Committee to move quickly on the resolution, which seeks to expel Santos due to allegations of misconduct. The vote on the motion to refer the resolution is expected to take place Wednesday, with the decision of the Ethics Committee yet to be determined.
President Joe Biden and congressional leaders met at the White House on Tuesday to discuss the debt ceiling and the potential for a default. Negotiations between the White House and House GOP aides are building on "direct and productive" discussions from the week prior. If the debt ceiling is not raised, the government will be unable to borrow more money and will default on its debt, potentially leading to a recession.