The U.S. Treasury is warning that the U.S. could run out of cash to keep paying the nation’s bills as soon as June 1 if there is no agreement.
FILE - U.S. President Joe Biden gives remarks to reporters alongside Spains Prime Minister Pedro Sánchez before a bilateral meeting in the Oval Office of the White House on May 12, 2023 in Washington, DC. is ready to discuss the debt ceiling with congressional leaders at the White House in a high-profile session with reverberations across the globe as early outlines of a potential deal begin to emerge despite painstakingly slow negotiations.
But Biden was optimistic, saying over the weekend, "There’s a desire on their part as well as ours to reach an agreement." Among the items on the table: clawing back some $30 billion in untapped COVID-19 money, imposing future budget caps, approving permitting reforms to ease energy development and putting bolstered work requirements on recipients of government aid, according to those familiar with the talks.
The debt limit must be lifted, as has been done countless times before, to allow continued borrowing to pay already accrued bills.
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