Key takeaways:
- House Speaker Kevin McCarthy’s and the White House’s negotiating teams have been meeting virtually and in person for days in an effort to reach an agreement on the debt ceiling.
- Treasury Secretary Janet Yellen announced that the United States has a few more days than expected before it runs out of money, setting a hard deadline of June 5 for Congress to act.
- President Biden expressed optimism that a deal could be reached by the end of the night, but the negotiations between the two teams have been ongoing for days and the June 5 deadline is quickly approaching.
House Speaker Kevin McCarthy’s negotiating team and the White House’s negotiating team have been meeting virtually and in person for days in an effort to reach an agreement on the debt ceiling. On Friday, Treasury Secretary Janet Yellen announced that the United States has a few more days than expected before it runs out of money, setting a hard deadline of June 5 for Congress to act or risk breaching the debt ceiling.
President Biden expressed optimism that a deal could be reached by the end of the night. “With regard to the debt limit, things are looking good,” the President said. “I’m hopeful we’ll know by tonight whether we’re going to be able to have a deal.”
The Treasury Department hit the statutory borrowing limit in January and has since been using “extraordinary measures” to pay the country’s bills. The President reiterated his hope that they will have evidence of a debt ceiling deal before the clock strikes 12.
The negotiations between the two teams have been ongoing for days, and the June 5 deadline is quickly approaching. It remains to be seen if the two sides can reach an agreement before the deadline.
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