What would happen if Washington can't reach a deal is uncharted territory: The nation has never defaulted on its debt.
Unless Washington reaches a deal on the debt ceiling, government payments millions of Americans rely on each month could be in jeopardy in little more than a week.
Treasury Secretary Janet Yellen maintains the nation could be unable to pay all of its bills in early June, possibly as early as June 1, though the exact date remains unclear. WATCH | McCarthy says 'every hour matters' on debt ceiling as House Republican lawmakers leave town early for recessPresident Joe Biden and House Speaker Kevin McCarthy have been adamant the U.S. won't default, but still remained "far apart" on a solution on Wednesday."Right now, we have to remain optimistic that a deal is going to be struck," Rachel Snyderman, the senior associate director of economic policy at the Bipartisan Policy Center, told ABC News.
The Bipartisan Policy Center, a Washington think tank tracking federal cash flows, recently estimated a heightened risk for default between June 2 and June 13. If the Treasury can continue financing the government through June 15, the center and other analysts believe expected quarterly tax receipts will provide the government more time before default.A major hurdle: Some $100 billion in payments are scheduled to go out June 1 and June 2, according to the think tank.
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