JUST IN: Treasury Department says U.S. could hit debt ceiling “as early as June 1,” earlier than previously expected.
“After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time," Yellen wrote in aBut Yellen emphasized the uncertainty surrounding the issue and said the deadline could slide to"a number of weeks later.
The Republican-controlled House remains at odds with the Democratic-led Senate and President Joe Biden about the way forward. There are just 31 calendar days before the deadline, and the Senate is in session for just 15 of them, while the House is scheduled to be working for just 12. The House GOP-led bill calls for slashing discretionary spending to fiscal 2022 levels and imposing a 1% growth cap for the next decade. Many Republicans say they don't want to reduce military spending, which means their proposed cuts would target the 15% of the budget that includes funding for education, job training, air travel and rail safety, law enforcement and veterans' benefits.
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