The nation continues to edge closer to its legal borrowing authority with no agreement in sight. The Treasury Department has said the government could exhaust the ability to pay its bills as early as June 1.
President Joe Biden’s meeting Friday with congressional leaders on the debt limit crisis was abruptly postponed to next week, with staff-level talks making progress and expected to continue through the weekend, the White House and congressional aides said Thursday. The White House said staff would continue to hold discussions, and the delay was billed as a sign of positive exchanges between Republican leaders, Democratic counterparts and Biden.
"I remain optimistic because I’m a congenital optimist," Biden told reporters while out for a bike ride in Rehoboth Beach, Delaware. "But I really think there’s a desire on their part as well as ours to reach an agreement. I think we’ll be able to do it." "We’ve not reached the crunch point yet," Biden told reporters Saturday before flying to his beach home for the weekend. "There’s real discussion about some changes we all could make. We’re not there yet."
"The staff is very engaged. I would characterize the engagement as serious, as constructive," Lael Brainard, head of the White House’s National Economic Council, said on CBS’ "Face the Nation."McCarthy has insisted on using the threat of defaulting on the nation’s debts to wrangle spending changes, arguing that the federal government can’t continue to spend money at the pace it is now. The national debt now stands at $31.4 trillion.
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