The national debt ceiling stalemate remains. President Joe Biden spoke publicly Wednesday after meeting with congressional leaders Tuesday, saying he’s “confident” an agreement will be reached before the clock runs out and the United States risks defaulting on its debt.
The Treasury Department warned the government could be out of cash to pay its bills as early as June 1. Biden made the comments Wednesday just moments before departing for Japan — a trip he’s cutting short to continue debt negotiations. Both the president and the Republican House Speaker Kevin McCarthy call the discussions “productive.”
The talks are centered on a Republican package that ties raising the debt ceiling to spending cuts. It includes stricter rules around federal aid programs, like tougher work requirements for welfare recipients. It’s all coming down to the wire in a situation that could dramatically impact everyone’s pocket.
Budget and finance writer John Reitmeyer has the latest.
