Lawmakers are tentatively not expected back at work until Tuesday, just two days from June 1, when Treasury Secretary Janet Yellen has said the U.S. could start running out of cash to pay its bills and face a federal default.
WASHINGTON — House Republicans pushed debt ceiling talks to the brink on Thursday, displaying risky political bravado in preparing to leave town for the holiday weekend just days before the U.S. could face an unprecedented default hurling the global economy into chaos.
June 1st looms as the day the U.S. will default on its debt if Congress and the White House fail to agree on a limit increase. Biden will also be away, departing Friday for the presidential retreat at Camp David and Sunday for his home in Wilmington, Delaware. The Senate is on recess and will be until after Memorial Day.
Weeks of negotiations between Republicans and the White House have failed to produce a deal — in part because the Biden administration has resisted negotiating with McCarthy over the debt limit, arguing that the country’s full faith and credit should not be used as leverage to extract other partisan priorities.
Failure to raise the nation’s debt ceiling, now at $31 trillion, to pay America’s already incurred bills would risk a potentially chaotic federal default. Anxious retirees and social service groups are among those already making default contingency plans. The contours of a deal have been within reach for days, but Republicans are unsatisfied as they press the White House team for more.
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